An investigation under Section 265 of the Companies Ordinance, 1984 (the "Ordinance") was Ordered and Mr. Nauman Mahmood of M/s Avais Hyder Zaman Rizwani, Chartered Accountants, was appointed as inspector in place of M/s A. F. Ferguson & Company, Chartered Accountants, to investigate into the affairs of M/s Tri Star Shipping Lines Limited (the "Company") in exercise of the powers conferred by Sub-section (b) of Section 265 of the Ordinance vide this Commission's order No.265/80/ISS/CL/2000 dated September 28, 2000.
2. Mr. Nauman Mahmood of M/s Avais Hyder Zaman Rizwani, Chartered Accountants, has shown his inability to carry out work assigned and had not preferred to exercise his powers conferred upon him under the provisions of Section 266 of the Ordinance which among others provide that the Inspectors appointed under Section which ibid have the same powers as are vested in the Court under the Code of Civil Procedures 1908 (Act V 1908).
3. The circumstances of the case warrant an immediate investigation into the affairs of the Company, therefore, I, in the public interest and in exercise of the powers conferred by Sub-section
(b) of Section 265 of the Ordinance hereby appoint Mr. Majeed-Ud-Din Khan of M/s Majeed Uddin Azhar Ullah & Company, Chartered Accountants, 608-610, Paradise Chambers, Near Passport Office, Off Sharah-e-Iraq, Saddar, Karachi, to act as inspector to investigate into the affairs of the Company. This Order supersedes the earlier Order No.265/80/ISS/CL/2000 dated September 28, 2000 to the extent of the appointment of Mr. Nauman Mahmood Of M/s Avais Hyder Zaman Rizwani, Chartered Accountants (copy enclosed). Other terms of appointment and scope of investigation will remain the same as per the original Order dated June 13, 2000 (Copy enclosed).
4. The Inspector shall submit the report to the Commission (in quadruplicate) within 60 days from the date of this Order.