With the elimination of Sections 305 and 309 Insurance Company, the Additional Registrar of Companies sought the Commission's approval to submit a petition before the High Court to terminate the company in the public interest. That the company's business had been suspended since 2006. That the proper books of accounts were not kept and maintained by the Company. And the company was cruising its business with its members and minority shareholders. During the Company's inspection process, it has been confirmed that there are any books of account including trial balance, accounting ledger, cash book, bank book, bank statement, registration of fixed assets, registration of members, minutesbook and Other relevant legal corporate and accounting records and documents were not retained by the Company and it was stated that under the circumstances, the Company's operations were being conducted in a manner that was not appropriate for the minority. Such shareholders' situation demanded the company be summed up under clauses (e) and (f) of section 305 of the Companies Ordinance 1984, stating that in addition to the facts, the company had erred in complying with the various sections ? Under the Companies Ordinance, 1984, which includes Sections 86, 193, 204A, 492 and R8 of the Companies (Capital Count) Rules, 1996, for which the Commission initiated proceedings against the Company, under the circumstances. No reasonable prospects were available to restore the Company's process and meet the legal requirements of the Companies Ordinance, 1984, as well as the Insurance Ordinance 2000, which it submitted to the Company. To be injured by a court under section 305 of the Companies Ordinance, 1984, the Companies Order
Related judgments — Securities and Exchange Commission of Pakistan, 2009
