VOLUNTARY WINDING UP UNDER THE SUPERVISION OF COURT

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According to section 396 of Companies Ordinance, a voluntary winding up of a company can also be carried under the strict registration of the court. 1.  Resolution At first, company has to pass special resolution for the voluntary winding up of the company. 2.  Supervision Order Following are the common grounds on which the court issues the supervision order: 1.  The liquidator performs his duty in partial manner. 2.  The winding up resolution is obtained by fraud. 3.  The liquidator does not strictly observe the rules of winding up the company 3.  Power of the Court The court has the power to appoint an additional liquidator, or to remove any liquidator. 4.  Dissolution After the supervision order is made, the liquidator may exercise his powers in winding up of a company.  On completion of winding up, the court will make an order that the company is dissolved. Share Capital; In simple words, the term “capital” means the particular amoun...
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Components & Scope of the Business

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The word “Business” includes all human activities concerned with earning money.  In other words, business is an activity in which various persons regularly produce or exchange goods and services for mutual gain or profit.

Components:

Business has following two components:
  •  Industry
  • ƒ Commerce

Industry:

Industry is connected with the production and preparation of goods and services.  It is a place where raw material is converted into finished or semi‐finished goods, which have the ability to satisfy human needs or can be used in another industry as a base material.  In other words, industry means that part of business activity, which is concerned with the extraction, production and fabrication of products.

Types of Industries:

  • Primary Industry
  • Secondary Industry

Primary Industry:

Primary industry is engaged in the production or extraction of raw materials, which are used in the secondary industry.  Primary industry can be divided into two parts:

(a)  Extractive Industry
(b)  Genetic Industry

 (a)  Extractive Industry 
Extractive industries are those industries, which extract, raise or produce raw material from below or above or above the surface of the earth.  For example, fishery, extraction of oil, gas and coal etc.

(b) Genetic Industry:
Genetic industries are those, which are engaged in reproducing and multiplying certain species of animals and plants.  For example, poultry farm, fishing farm, diary farm, plant nurseries etc.

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