MUHAMMAD ZIAULLAH KHAN CHISHTI vs TRG PAKISTAN LIMITED Ss — 2025 CLD 1814 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2025 CLD 1814 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2025
Reporter: CLD
Parties: MUHAMMAD ZIAULLAH KHAN CHISHTI vs TRG PAKISTAN LIMITED Ss
Subject matter: Civil
Provisions referred to: S. 23---A; S. 286; S. 23; S. 86; Limitation Act (IX of 1908); Companies Act; Limitation 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

MUHAMMAD ZIAULLAH KHAN CHISHTI VS TRG PAKISTAN LIMITED Ss. 86(2) & 286---Limitation Act (IX of 1908), S. 23---Affairs of company---Subsidiary company holding shares in its holding company---Petition before Court---Limitation---Continuing wrong, doctrine of---Applicability---Petitioner invoked jurisdiction of Court alleging that subsidiary company was holding shares in its holding company---Plea raised by respondents was that the petition was barred by limitation---Validity---Remedy in S. 286 of Companies Act, 2017 is based on doctrine of continuing wrong which is also embodied in S. 23 of Limitation Act, 1908---Arrangement arrived between respondent companies in December 2021 amounted to financial assistance by subsidiary company to purchase its own shares in violation of S. 86(2) of the Companies Act, 2017---Each time in year 2022 to year 2024 respondent company with majority shares used financial assistance to purchase shares of holding company and then in year 2025 had made public offer---Affairs of subsidiary company were conducted unlawfully falling within the time-line envisaged in S. 286 of Companies Act, 2017---There was also no question of latches in such circumstances.

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