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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Secondary Industry

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These industries use raw materials and make useful goods.  Raw material of these industries is obtained from primary industry.  Secondary industry can be divided into three parts:

  (a)  Constructive Industry 
  (b)  Manufacturing Industry  
  (c)  Services Industry

All kinds of constructions are included in constructive industry.  For example, buildings, canals, roads,bridges etc.In manufacturing industry, material is converted into some finished goods or semi‐finished goods.  For example, textile mills, sugar mills etc.Services industries  include  those  industries,  which  are  engaged  in providing  services of professionals such as lawyers, doctors, teacher etc.

Commerce:

Commerce  is  the  second  component  of  business.  The  term  “commerce”  includes  all activities, functions and institutions, which are involved in transferring goods, produced in various industries, from their place of production to ultimate consumers.

In the words of Evelyn Thomas:  
 
“Commercial occupations deal with the buying and selling of goods, the exchange of commodities and distribution of the finished goods.” 
 
In simple words, “trade and aids to trade” is called commerce.

Scope of Commerce:

The scope of commerce can be explained as: 

1.  Trade 2.  Aids to Trade

 Trade:
Trade is the whole procedure of transferring or distributing the goods produced by different persons or industries to their ultimate consumers.  In other words, the system or channel, which helps the exchange of goods, is called trade.Trade may be home trade or foriegn trade.

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