ADDITIONAL REGISTRAR OF COMPANIES vs B4USOFT (PRIVATE) LIMITED Ss — 2023 CLD 111 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2023 CLD 111 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2023
Reporter: CLD
Parties: ADDITIONAL REGISTRAR OF COMPANIES vs B4USOFT (PRIVATE) LIMITED Ss
Provisions referred to: S. 301; S. 304; Companies Act

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

ADDITIONAL REGISTRAR OF COMPANIES VS B4USOFT (PRIVATE) LIMITED Ss. 84, 301 & 304---Winding up of company---Prohibition on acceptance of deposits from public---Scope---Securities and Exchange Commission of Pakistan (SECP) filed a petition under S. 301 read with S. 304 of the Companies Act, 2017, on the grounds that the respondents in violation of Ss. 84 & 301(i)(g) of the Companies Act, 2017, was raising unauthorized deposits from the public at large in the garb of a ponzy scheme---Securities and Exchange Commission of Pakistan had received certain complaints through the Prime Minister's Performance Delivery Unit/Pakistan Citizen Portal that respondents were involved in securing deposits/advances from the public at large under a ponzy scheme, which act was beyond the objects of the company---Consistent absence of the respondents from scenario brought forth strong belief that they were available with nothing to defend allegations against them---Non-availability of defense on behalf of respondents and their disinterest left behind no other option except to believe the petitioner's stance---High Court observed that it was a fit case for an order of winding up under S. 301(h)(i) of the Companies Act, 2017---Petition was allowed and the respondent company was ordered to be wound up.

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