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---S .194---- Dissolution of Company---All affairs of company having been fully wound up by mutual arrangement as evidenced by relinquishment deed directors had among themselves adjusted assest and liabilities of company---State Bank would have no objection to passing of final dissolution order---Company was ordered to be dissolved in circumstances.

Iftikhar Ahmad Dar. O. L. and Kh. Saereduz Zafar for the State Bank.

Aftab iqbal Cahudhty for the ex-Management.

This order shall dispose of C.O. No. 111 of 1979 and C.O. 27 of 1982. It shall, however, remain on the file of C.O. No. 111 of 1979.

2. This company consisted of only five share-holders, who were also the Directors thereof namely (1) Khan. Umar Hayat Khan, (2) Muhammad Ashraf Butt, (3) Muhammad Anwar Shamim, (4) Mst. Shamim Akhtar widow and legal representative of late Ch. Muhammad Zaman and (5) Asif Hayat Khan. the O.L. reports that all the liabilities of the company have been cleared by the Management outside the Court. Accordingly, the company has no creditor. Its assets consist of one Motor Cycle, 1974 Model Datsun Car and some other movables, the value whereof has been assessed by the O.L. at Rs.2 lacs only. The Directors aforesaid have executed relinquishment deed, dated 19-12-1983 among themselves, which is placed on this file. In pursuance of this document, the belongings of the company are to be passed on and become property of Mr. Asif Hayat the ex- Director, in lieu of the amount spent by him on clearance of the liabilities of the company. Under this deed the mutual rights and liabilities of the parties have been adjusted.

3. In the civil miscellaneous application as well as the reports of the 0. L. , it has been prayed that as the affairs of the company have been completely wound up, a final dissolution order be passed by this Court, under section 194 of the Companies Act.

4. It is discernible from the available record that all the affairs of the Company have been fully wound up and by mutual arrangement, as evidenced by relinquishment deed, dated 19-12-1983 the Directors have among themselves adjusted the assets and liabilities of the company. The learned counsel for the State Bank has also no objection to the passing of the final dissolution order. .

5. For the foregoing reasons it is directed that the company shall stand dissolved from today.

The learned' counsel for the Management has calculated the commission payable to the O.L. at Rs.10,000. Mr. Umar Hayat as well, who is present in the Court and represents the Management, has no objection to the fixation of the O.L's remuneration at Rs.10,000. He further undertakes that- it shall be paid to the O.L. within one week. The latter agrees to this fixation. It is directed that the O.L's remuneration of Rs.10,000 shall be paid to him within one week.

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