Corporate Law - Ebl

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Corporate Law and Governess

Assignment no 2.

1/1/2016

Aqsa Ikram Sidra Komal, Tasadduq Hussain

12128007, 12128013, 13228003

EBL

Q1: Why and when EBL can be wound up?

According to the section 305, An EBL Company may be wound up by the Court:

If EBL has passed by special resolution, resolved that the company be wound up by the Court.

If default is made in delivering the statutory report to the registrar or in holding the statutory meeting or any two consecutive annual general meetings.

If EBL is unable to pay its debts.

If EBL is:

• Conceived or brought forth for,  or has been carrying on, unlawful or fraudulent activities carrying on business not authorized by the memorandum.
• Conducting its business in a manner oppressive to any of its members or persons concerned with the formation or promotion of the company or the minority shareholders.
• Run and managed by persons who fail to maintain proper and true accounts, or commit fraud, misfeasance or malfeasance in relation to the company.
• Managed by persons who refuse to act according to the requirements of the memorandum or articles or the provisions of this Ordinance or fail to carry out the directions or decisions of the Court or the registrar or the Commission given in the exercise of powers under this Ordinance.
• If, being a listed company, it ceases to be such company.
• If the Court is of opinion that it is just and equitable that the company should be wound up.

Q2: Can PICIC wind up a company to recover money?

As PICI are the creditors of the company so they can wind up the company to recover money.

Q3: Can EBL file for its own winding up?

Petition may be presented by any one of the following: 1. The company may itself by passing a special resolution 2. Creditor or Creditors. 3. Any contributory or contributories 4. Registrar of Companies 5. Securities and Exchange Commission of Pakistan or by a person authorised by the Commission