JOHNSON CONTROLS PAKISTAN (PVT.) LTD. vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 2023 CLD 162 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2023 CLD 162 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2023
Reporter: CLD
Parties: JOHNSON CONTROLS PAKISTAN (PVT.) LTD. vs 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

JOHNSON CONTROLS PAKISTAN (PVT.) LTD. VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 301(a) & 304---Winding up of company---Liabilities less than assets---Petitioner was a defunct company which seized its operations and was not carrying any business in Pakistan---Petitioner company did not have any employees, offices or major assets in Pakistan---Auditors of petitioner company were also of the opinion that it was not a going concern---According to last audited annual financial statement total assets were less than current liabilities and the company was running into loss every year---Shareholders of petitioner company, through special resolution, resolved to file application for liquidation, winding up and dissolution---High Court appointed official liquidator to assume charge of the company and proceed with winding up affairs of the company, as the company was liable to be wound up---Petition was allowed accordingly.

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