SHAMS MEHMOOD MIRZA, J.---The petitioner company has filed this petition for its compulsory winding up. The copy of special resolution passed by the Board of Directors of the petitioner company on 11.07.2016 is appended with this application. The details of the assets and liabilities of the petitioner company are mentioned in its balance sheet for the year 2014-2015 which is also appended with this petition. Perusal of the balance sheet shows that the assets of the petitioner company far exceed its liabilities. Moreover, the joint Registrar of Companies has also filed a petition (C.O. No,2 of 2016) under section 305 read with section 309 of the Companies Ordinance, 1984 (the Ordinance) for compulsory winding up of the petitioner company. As the Board of Directors of the petitioner company have filed a special resolution of its winding up, this petition is allowed and the petitioner company is ordered to be wound up. By consent of the parties, the proceedings shall henceforth be taken up in C.O. No,2 of 2016 and this order shall also be read into and shall form part of the order sheet of C.O. No,2 of 2016.
2. Mr. Wasif Majeed Advocate, 61-C Main Gulberg Lahore (0300-9439363) and Malik Waqar Haider Awan Advocate, Zafar Law Chamber, Opposite High Court, adjacent to Sub-way, Shadman Colony Multan (0333-6102508) are appointed as joint official liquidators who shall take over all the assets, property, effects and the books and papers of the petitioner company. The security to be furnished by the official liquidators is hereby dispensed with. The official liquidators shall open a joint liquidation account in any first class bank.
3. The directors, shareholders, promoters and secretary of the petitioner company shall within a period of 21 days submit to the joint official liquidators a statement of affairs of the petitioner company in the prescribed form stating therein all the particulars mentioned in section 328 of the Companies Ordinance, 1984. The said statement shall be supported by a duly sworn affidavit of the afore-mentioned persons.
4. The official liquidators shall also submit a preliminary report to this Court in terms of section 329 of the Companies Ordinance, 1984 after they have been furnished the statement of affairs as mentioned above.
5. It is clarified that the winding up order shall not in any manner whatsoever prejudice the inquiries and other proceedings (civil and criminal) that have been commenced and are continuing or may commence against the petitioner company, its directors, shareholders and other officials, which shall continue unhindered by this order.
6. Office is directed to send a copy of this order to the official liquidators. Now to come up for hearing on 22.03.2017.