1. ' This is the report of Official Liquidator on the claim application of Mst. Samina Akhtar in respect of Room No, 411, 4th Storey, Sunny Plaza alleging that she had purchased it from Syed Mohsin Ali Naqvi. The Official Liquidator has not supported the claim of the applicant, and has prayed that her application be dismissed.
2. ' I have heard Mr. Khizar Askar Zaidi Advocate for the applicant and Mr. Asad Ali Bilgrami, Official Liquidator. It is contended by Mr. Khizar Askar Zaidi that the property bearing Room No, 411 which was purchased by him did not belong to M/s. Allied Syndicate (Regd.). It belonged to Syed Mohsin Naqvi. Hence the provisions of section 34-B and C of the Banking Companies Ordinance, 1962 will not apply to it. He then submitted that the declaration dated 2-5-1988 published in daily "DAWN" did not prohibit the public from purchasing the property of the Company. He further contended that Syed Mohsin Ali Naqvi is not the partner of Allied Syndicate according to Deed of Partnership, which is Annexure 'A' to the winding up petition. Hence he was not one of the partners of M/s. Allied Syndicate for which the declaration was published. Hence a sale made by Syed Mohsin Ali Naqvi is not hit by the provisions of section 43-B & C of the Banking Companies Ordinance.
3. ' It is contended by Mr. Asad Ali Bilgrami, Official Liquidator that this property (Room No, 411) admittedly belonged to Syed Mohsin Ali Naqvi, who is the General Manager and Managing Partner of Allied Syndicate. In this connection he has produced photostat copy of the agreement dated 3- 3-1987, which shows that Syed Mohsin Ali Naqvi was General Manager of the Allied Syndicate, while his wife Mrs. Nasreen Fatima Naqvi was Managing Partner of M/s. Allied Builders. He has produced another document which is photo copy of a letter written by Syed Mohsin Ali Naqvi, Inspecting Officer of State Bank wherein he has shown himself as Managing Partner of M/s. Allied Syndicate.
4. He has then produced a cutting from daily `JANG' dated 23-4-1989 in which Syed Mohsin Ali Naqvi has shown himself as Managing Director of Allied Syndicate and has appealed to the investors to form an action committee to recover the debts of the Company from the debtors, with the help of the Government and the Courts.
5. ' On 22-5-1988 State Bank of Pakistan had published a declaration in daily "DAWN" and daily "JASARAT' under section 43-B of Banking Companies Ordinance, 1962 in respect of the Company M/s. Allied Syndicate (Pvt.) Ltd., of which M/s. Allied Builders was a subsidiary Company. On the publication of the said declaration in pursuance of subsection (ii) of section 43-B of the Banking Companies Ordinance, 1962, the said company and its subsidiary companies under section 43-C of the Banking Companies Ordinance, 1962 ceased to function or to transact business and any transaction with such company, firm or person or with any person acting or purporting to act for or on behalf of such company, firm or person on or after the publication of the declaration as aforesaid is void. After the aforesaid declaration the State Bank of Pakistan on 28-6-1988 filed the winding up petition and the winding up order was passed by this Court on 13-11-1988. The notice of winding up petition was published in the newspapers and the winding up order was published in Official Gazette. Syed Mohsin Ali Naqvi, knowing all these facts, in order to deprive the creditors of their legitimate claims, sold the above property to the applicant with mala fide intention. The applicant had purchased the same knowing that the said property belonged to a subsidiary company of the aforesaid company. Since the said transaction is within two years/one year from the date of presentation of the said winding up petition and is not bona fide, as such it is void.
6. ' From the contentions raised by the learned counsel for the parties, it would appear that it was an admitted position that Mst. Sameena Altaf had purchased Room No, 411, 4th Floor Sunny Plaza, Hasrat Mohani Road, Karachi from Syed Mohsin Ali Naqvi on 7-9-1988 which is a date after the filing of the liquidation proceedings. The liquidation proceedings had commenced on 26-8-1988. It is an admitted position that Syed Mohsin Ali Naqvi is a Director of M/s. Allied Syndicate, while his wife Mst.
7. Nasreen Fatima Naqvi was Managing Partner of M/s. Allied Builders. Syed Mohsin Ali Naqvi has also given out himself as Managing Partner of M/s. Allied Syndicate and its Managing Directors, M/s. Allied Builders is subsidiary concern of M/s. Allied Syndicate (Regd.).
8. ' Subsection (2) of section 67 of the Banking Companies Ordinance, 1962 provides that "where High Court has reason to believe that a property belongs to any promoter, director, manager, liquidator or officer of the banking company, ...... ...The High Court may direct the attachment of such property "
9. ' Subsection (1) of section 67 of the Banking Companies Ordinance, 1962 provides that "the High Court shall make an order against any promotor, director, manager, liquidator or officer of a banking company to repay and restore the money or property where an application under section 235 of the Companies Act, 1913 is made against such person unless he proves that he is not liable to make the repayment or restoration and the applicant makes out a prima facie case.
10. ' Subsection (3) of section 67 provides that "the word 'property' in this section includes property transferred or otherwise disposed of by such person within two years before the commencement of the proceedings under section 235 of the Companies Act, 1913 or during the currency of such proceedings, if the High Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for sufficient consideration."
11. 'The Official Liquidator has not supported the objections of the objector and has given sound reasons in his reference. Hence I am satisfied that the transaction is mala fide and has been made by Syed Mohsin Ali Naqvi only with a view to defraud the creditors and is, therefore, void. I, therefore, dismiss the objection application of Mst. Sameena Altaf and allow the Official Liquidator to sell the said plot/property. Mst. Sameena Altaf is, however, at liberty to file her claim for the consideration allegedly paid by her to Syed Mohsin Ali Naqvi as allegedly paid by her to Syed Mohsin Ali Naqvi as a creditor, if she can prove the same.
12. Objection .