ADDITIONAL REGISTRAR OF COMPANIES vs AYAT ENTERPRISES (SMC-PRIVATE) LIMITED Ss — 2025 CLD 1349 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2025 CLD 1349 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2025
Reporter: CLD
Parties: ADDITIONAL REGISTRAR OF COMPANIES vs AYAT ENTERPRISES (SMC-PRIVATE) LIMITED Ss
Provisions referred to: S. 282C---W; S. 301; S. 282C; S. 509; S. 315; Companies Ordinance (XLVII of 1984); Companies Act; 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

ADDITIONAL REGISTRAR OF COMPANIES VS AYAT ENTERPRISES (SMC-PRIVATE) LIMITED Ss. 301, 304 & 509---Companies Ordinance (XLVII of 1984), S. 282C---Winding up of company---Principle---Non-Banking Finance Company---Prohibited business, performing of---Violating Memorandum / Articles of Association---Petitioner / Registrar of Companies sought winding up of respondent company on the plea that it was performing prohibited business---Validity---Company could be wound up under section 301 (g)(ii) of Companies Act, 2017 if it had been carrying on a business prohibited or restricted by law, rules or regulations---Court was empowered under S. 301(g)(v) of Companies Act, 2017 to order winding up where the company was managed by persons who refused to act in accordance with the Memorandum or Articles of Association---Provision of S. 282C of Companies Ordinance, 1984 was protected under S. 509 of Companies Act, 2017 which had provided that no Non-Banking Finance Company (NBFC) could be incorporated or allowed to operate without obtaining prior license---Engagement of respondent company in car financing and property leasing without such license was a violations of such provisions---High Court directed respondent company to be wound up---High Court directed Securities and Exchange Commission of Pakistan to appoint Provisional Manager in compliance of S. 315 of Companies Act, 2017---Petition was allowed, in circumstances.

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