Ch. SHAUKAT ALI NOON vs TEHZEB BAKERS (PVT — 2024 CLD 113 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2024 CLD 113 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2024
Reporter: CLD
Parties: Ch. SHAUKAT ALI NOON vs TEHZEB BAKERS (PVT
Subject matter: Criminal
Provisions referred to: S. 286; S. 119; 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

Ch. SHAUKAT ALI NOON VS TEHZEB BAKERS (PVT.) LIMITED Ss. 118, 119 & 286--- Prevention of oppression and mis-management---Application to Court under S. 286 of the Companies Act, 2017---Maintainability---Purported partners and shareholders in a company---Allegations of company's affairs being run in an unlawful and fraudulent manner---Sections 118 & 119 of the Companies Act, 2017 ("Act") define the modes of becoming a member of a company; firstly by subscribing to memorandum; secondly by allotment of shares; and, thirdly by entering their name in the register of members of a company in terms of S. 119 of the "Act"---Though the petitioners in the present case claim themselves as members and shareholders of the subject company but none of the modes, mentioned above, which create obligation upon them, have been fulfilled for invoking S. 286 of the Act---Requirements setting out the essential attributes of a member, cannot therefore, be disregarded---Petitioners never remained the members or shareholders of the company, hence, the prayers made by them cannot be acceded to---Petition under S. 286 of the Act was dismissed.

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