1. ' This is an application under subsection (5-D) of section 3 and section 53 of the Insurance Act, 1938, read with section 305 of the Companies Ordinance, 1984. The respondent is an Insurance Company which was registered with the Controller of Insurance under section 3 of the Insurance Act, on 8-1-1958, for doing all kinds of insurance business, namely, Fire Insurance, Marine Insurance and Miscellaneous Insurance. The company, according to the petitioner, failed to fulfil the requirements of section 27-A(1) of the Insurance Act, with the result, that its registration was cancelled. The registration was, however, subsequently restored, but, again the same was cancelled on account of more violations committed by the respondent company. Finally under powers conferred on the petitioner under clause (f) of subsection (4) of section 3 of the Insurance Act, 1938, the registration of fire insurance business was cancelled on 29-10-1985 to be effective from 1-12-1985. For the similar violations the respondents' registration in respect of its marine and miscellaneous insurance business was also cancelled, with effect from 1-7-1985. The company did not go in appeal, as provided under section 110 of the Insurance Act, 1938. Be that as it may, but the company filed a suit (Suit No, 773 of 1987) in this Court but the same was also dismissed on 29-1- 1989. The petitioner, therefore, inter alia contends that the company be wound up on the following grounds: "(a) The company is commercially insolvent as is evident from the documents filed herewith and the admission of the company on oath.
(b) The company failed to make reinsurance arrangements, which is a mandatory requirement of law.
(c) The Company did not challenge the cancellation orders of the petitioner in Appeal as provided under the provisions of Insurance Act (IV of 1938) and those cancellation orders became effective in the year 1986.
(d) The company filed Suit No,773/87 before the Hon'ble High Court which has been dismissed vide order dated 29-1-1989.
(c) The continuance of the company is prejudicial to the interest of the policy-holders.
(f) That it is just and equitable that the company should be wound up.
(g) That the statutory period of six months from the date on which the cancellation took effect, has already expired vide subsection (5-D) of section 3 of the Insurance Act, 1938 (IV of 1938) and no appeal, as provided under the Insurance Act, 1938 (IV of 1938) is either filed by the company or pending in Court."
2. ' Notice in respect of the petition was served upon the respondent but no reply/objection has been filed by the respondent to the instant petition. Today, when the case has been called no one is present on behalf of the respondent. It is pertinent to point out that on the last two hearings also none had appeared for the respondent when the case was cailed, with the result, that it had to be adjourned each time. Since no reply or objection has been filed against the petition and none is present on behalf of the respondent, this petition is granted and the respondent company is ordered to be wound up. The Official Assignee is appointed Official Liquidator to perform all consequential functions and exercise powers under the Companies Act, 1984.
3. J. Miscellaneous Application No,22 of 1989 also stands disposed of.