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ZAFAR IQBAL vs G.T — 2024 CLD 376 LAHORE-HIGH-COURT-LAHORE

Case information

Citation
2024 CLD 376 LAHORE-HIGH-COURT-LAHORE
Court
Lahore High Court
Year
2024
Reporter
CLD
Parties
ZAFAR IQBAL vs G.T
Provisions referred to
S. 76; Companies Ordinance (XLVII of 1984); Companies Ordinance

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

ZAFAR IQBAL VS G.T. PHARMA (PVT.) LIMITED Ss. 17(2) proviso & 152---Companies Ordinance (XLVII of 1984), S. 76 [since repealed]---Declaration---Transfer of shares---Petitioners claimed that transfer of their shares to respondents were illegal---Validity---Respondents failed to prove either that petitioners did not make payment of shares or that valid transfer of shares as reflected in Form A dated 8.5.2008 took place in the mode and manner prescribed by S. 76 of Companies Ordinance, 1984---Alleged transfer of shares of petitioners as reflected in Form A submitted by respondents with Security and Exchange Commission of Pakistan on 8.5.2008 and 19.11.2011 had no legal sanctity as no document was brought to substantiate allegation that process formalities prescribed by S. 76 of Companies Ordinance, 1984, which were mandatory in nature, were duly complied with---High Court declared transaction for transfer of shares of petitioners as reflected in Form A submitted on 8.5.2008 and 19.7.2011 with the Commission, to be null and void---High Court directed respondents to forthwith enter names of petitioners in Register of Members and to transmit relevant information to the Commission through Form A---Petition was allowed, in circumstances.

Other judgments reported in 2024 CLD

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