Mian WAQAR UD DIN vs UNITED INDUSTRIES LIMITED Ss — 2026 PLD 226 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2026 PLD 226 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2026
Reporter: PLD
Parties: Mian WAQAR UD DIN vs UNITED INDUSTRIES LIMITED Ss

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

Mian WAQAR UD DIN VS UNITED INDUSTRIES LIMITED Ss.131, 132 & 204---Company failing to hold an Annual General Meeting (AGM)---Whether directors of a company can be held liable for such failure---Power of company to ratify its own default---Scope---Failure to hold AGMs is the act of the company and not of an individual director, therefore, the default of the company will have to be ratified in contradistinction to the default of an individual director---Section 204 does not deal with such species of default---Any default by a company will be for the Securities and Exchange Commission of Pakistan (SECP) to determine and fix liability---The company itself cannot be conceived to have power to ratify its own defaults or breach of duty.

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