SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN vs NATOVER LEASE REFINANCE LIMITED S — 2023 CLD 225 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2023 CLD 225 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2023
Reporter: CLD
Parties: SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN vs NATOVER LEASE REFINANCE LIMITED S
Provisions referred to: S. 282-J

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

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN VS NATOVER LEASE REFINANCE LIMITED S. 282-J(3)---Winding up of company---Misappropriation of funds---Intricate questions---Determination---Veil of incorporation---Effect---Security and Exchange Commission of Pakistan as regulator of respondent company sought its winding up mainly on misappropriation of public funds as there was some dispute over ownership of a property---Validity---Veil of incorporation under such circumstances was inevitable to be pierced/lifted---Under the umbrella of a corporate entity fraud could not be allowed to be nourished and grow---Intricate questions required trial and forensic auditing of both the companies before such questions could be answered---Forensic audit and trial jurisdiction of High Court was only be to the extent of Company under liquidation---Numerous questions were present, which needed determination before property in question could be cleared and that was after forensic audit and recording of evidence/cross-examination--- Entire exercise of forensic audit and recording of evidence could not take more than five months; i.e. two months for forensic audit and three months for recording evidence---High Court decided to hear winding up petition in the light of forensic audit and evidence---High Court directed to maintain status quo by parties in respect of property in question---Petition was adjourned sine die in circumstances.

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