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FAISAL ZAFAR vs SIRAJ-UD-DIN Ss — 2024 CLD 1 LAHORE-HIGH-COURT-LAHORE

Case information

Citation
2024 CLD 1 LAHORE-HIGH-COURT-LAHORE
Court
Lahore High Court
Year
2024
Reporter
CLD
Parties
FAISAL ZAFAR vs SIRAJ-UD-DIN Ss
Provisions referred to
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

FAISAL ZAFAR VS SIRAJ-UD-DIN Ss. 6, 276, 277, 280, 282, 286 & 287 & Preamble---Prevention of oppression and mis-management---Resolution of dispute through mediation---Mediation and Conciliation Panel---Early Neutral-Party Evaluation ("ENE"), process of---Doctrine of expeditious resolution of corporate disputes through mediation---Scope---Corporate dispute or petition under Ss. 286 & 287 of the Companies Act, 2017 ("Act") alleging the mismanagement of members of a company may be resolved through mediation and compromise before passing any determination by the Court with the consent of the parties involved in such dispute---Sections 276 and 277 of the "Act" can be invoked in order to protect the interest of the "Company" and the Court can initiate process of Early Neutral-Party Evaluation ("ENE") and then mediation---In the present case mediation was set forth amongst parties supervised by the regulatory authority i.e. the Securities and Exchange Commission of Pakistan ("SECP"), which mediation worked and was met with desired fruits as well with mutual coordination and cooperation of counsel for the parties---High Court directed that the parties shall adhere to the compromise deed and the "SECP", being regulator, shall facilitate them with regard to division of the Company and decide their matter arising out of mediation---Petition was disposed of accordingly.

Other judgments reported in 2024 CLD

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