KHALID SIRAJ TEXTILE MILLS LIMITED, LAHORE vs ADDITIONAL REGISTRAR OF COMPANIES, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 2022 CLD 1557 SUPREME-COURT

Case information

Citation: 2022 CLD 1557 SUPREME-COURT
Court: Supreme Court of Pakistan
Year: 2022
Reporter: CLD
Parties: KHALID SIRAJ TEXTILE MILLS LIMITED, LAHORE vs ADDITIONAL REGISTRAR OF COMPANIES, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

KHALID SIRAJ TEXTILE MILLS LIMITED, LAHORE VS ADDITIONAL REGISTRAR OF COMPANIES, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 301 & 304---Compulsory winding up of a company by Court---Petition for winding up a company filed by the Securities and Exchange Commission of Pakistan (SECP)---Protection of interest of shareholders and encouraging revival of companies facing financial crunch---SECP must protect the interests of the shareholders of the company and moreso where the SECP seeks winding up of a company, at its own instance---SECP must consider all relevant facts and record and if there is a chance of avoiding winding up then it should consider that option rather than push for winding up---Encouraging businesses is in the public interest---So the commercial operations of a business must be preserved and protected such that it is able to revive itself when faced with financial hardships---SECP, in this regard, should make all efforts to ensure that companies are able to run their business and can improve their commercial viability especially when there is a financial crunch---Winding up a business has serious consequences both economic and social and even though this is a matter for the discretion of the judge, winding up should be ordered with extreme caution, as a last resort, when it is evident that the business cannot be saved.

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