Winding up

DEPARTMENT: MANAGEMENT SCIENCE PROGRAM: MBA 3A

SUBJECT: CORPORATE LAW

SUBMITTED TO: SIR QAMAR ABBAS ZAIDI

SUBMITTED BY: SIDRA NAJAM (23006) FARYAL AFZAL (22964)

DATED: 22-12-2011

NAME OF INSTITUTION: BAHRIA UNIVERSITY, KARACHI CAMPUS

DEPARTMENT: MANAGEMENT SCIENCE PROGRAM: MBA 3A

SUBJECT: CORPORATE LAW

TOPIC: WINDING UP

REFERENCE COMPANY: BEEMA-PAKISTAN COMPANY LIMITED

SUBMITTED TO: SIR QAMAR ABBAS ZAIDI

SUBMITTED BY: SIDRA NAJAM (23006) FARYAL AFZAL (22964)

DATED: 22-12-2011

BEEMA-PAKISTAN COMPANY LIMITED

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ACKNOWLDGEMENT
First of all we would like to thank our Almighty Lord who is most gracious and beneficent. This report covers a detailed account on the Winding up of Beema-Pakistan Company Limited.

We are grateful of our course facilitator Sir Qamar Abbas Zaidi who provided us the opportunity to make a report on the topic of our interest and guided us throughout the making of it.

Last but not least, the support and cooperation of our families was a big strength in making this report interesting for the reader and for ourselves.

It was a pleasant experience for us making this report as we got to know so much about the winding up of companies. The knowledge we have gained while making this report is immense and would go with us a long way.

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CONTENTS
LETTER OF AUTHORIZATION.......................................................................5 LETTER OF TRANSMITTAL...........................................................................6 EXECUTIVE SUMMARY................................................................................7 INTRODUCTION TO WINDING UP.................................................................8 DEFINTION.........................................................................9 PROCESS OF WINDING UP..................................................10 LIQUIDATOR......................................................................10 CONSEQUENCES OF WINDING UP.......................................12 MODES OFWINDING UP......................................................13 WINDING UP OF THE COMPANY BY THE COURT..................13 VOLUNTARY WINDING UP OF THE MEMBERS OF THE CO....16 WINDING UP SUBJECT TO SUPERVISION OF THE COURT.....20

INTRODUCTION TO BEEMA-PAKISTAN CO. LTD..........................................21 HISTORY.............................................................................22 COMPANY INFORMATION...................................................23 DESCRIPTION OF THE REPORT...................................................................25 WINDING UP......................................................................26 GROUNDS FOR WINDING UP..............................................26 PERSON WHO MAY PETITION FOR WINDING UP.................27 STATUS AND NATURE OF BUSINESS..................................28 MODE OF WIND UP............................................................28 BANKERS..........................................................................28 DIRECTORS.......................................................................28 LISTING.............................................................................28 PERIOD OF OPERATIONS...................................................29 SHAREHOLDERS...............................................................29 STEPS INVOLVED IN WINDING UP......................................30 PORTFOLIO OF PLANS OF BEEMA CO.................................31 PORTFOLIO OF PRODUCTS................................................32 CONCLUSION.............................................................................................33 BIBLOGRAPHY...........................................................................................34 APPENDIX..................................................................................................35

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LETTER OF AUTHORIZATION
December 22, 2011 Dear Students, I, Qamar Abbas Zaidi, Professor of corporate law, authorize your group to prepare a formal report on the topic of Winding up I will truly consider your efforts if your group submits the term report within the due date. The purpose of this assignment is to integrate the material you have researched and learned about Winding up Companies into a coordinated report and presentation and to allow students to focus on an emerging issue. Use both commercial and academic resources where appropriate, you should incorporate charts and graphs to illustrate the facts you present both in your report and PowerPoint presentation. I wish you all the best for the successful completion of the report in the most suitable manner.

Sincerely, Qamar Abbas Zaidi Professor of Corporate Law, Faculty Member Bahria University, Karachi Campus

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LETTER OF TRANSMITTAL
December 22, 2011

Mr. Qamar Abbas Ziadi Professor, Faculty Member Corporate Law Bahria University, Karachi.

Respected Sir: Report on Winding up has been prepared as part of the Corporate Law course requirement as and when desired by you. Its an Informative report which states the detailed account of BeemaPakistan Company Limited and its winding up details. It also includes the procedure of winding up. We have tried to make it as informatory as possible for the average reader, keeping in view the time constraints and limitations of the knowledge we have gained so far. We have tried to give a clear view of the Winding up. It is hoped that the reader will find this report interesting as well as informative and any deficiencies observed in this report would be overviewed with due leverage for inexperience on part of the students in writing a report of such kind for the first time.

Sincerely, Faryal Afzal Sidra Najam

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EXECUTIVE SUMMARY
We were assigned to choose a company and analyze all its winding up activities in detail. In order to achieve this objective we used our analytical skills that we learned in the class and the information we received from the company we chose.

The company that we chose was: Beema-Pakistan Company Limited

This report is a simple guide to winding up procedures and should be read with the relevant legislation i.e. the Companies Ordinance, 1984 (as amended) (hereinafter called the Ordinance) and the Companies (Court) Rules, 1997 (hereinafter called the Rules). It summarizes steps and provides information and procedure that apply to all types of winding up. Later in this report, the winding up of Beema-Pakistan Company Limited is conferred in detail. Its mode and stepwise liquidation procedure is discussed so as to provide the reader with a better understanding of the winding up or liquidation of a company as per the provisions set by the Ordinance.

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INTRODUCTION TO WINDING UP

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Definition of Winding up:

Winding up is the process by which the business of the company is wound up & the company ceases to exist anymore. All the assets of the company are sold & the proceedings collected are used to discharge the liabilities on a priority basis.

The term winding up of a company may be defined as the proceedings by which a company is dissolved (i.e. the life of a company is put to an end). Thus, the winding up is the process of putting an end to the life of the company. The winding up of the company is also called the liquidation of the company.

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Process of Winding up:

The process of winding up begins after the Court passes the order for winding up or a resolution is passed for voluntary winding up. During this process; the assets of the company are disposed of, the debts of the company are paid off out of the realized assets or from the contributories and If any surplus is left, it is distributed among the members in proportion to their shareholding in the company. The company is dissolved after completion of the winding up proceedings. On the dissolution, the company ceases to exist. So, the legal procedure by which the existence of an incorporated company is brought to an end is known as winding up.

Liquidator:
A person appointed to carry out the winding up of a company is called liquidator. If the winding up is through Court, the term used for such person is official liquidator. The duties of liquidator include; getting in and realizing the property of the company, to pay its debts, and to distribute the surplus (if any) among the members. The official liquidator acts under the supervision of the Court, through a recognized reporting system.

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The following are the general powers of liquidator(s):a. To institute or defend any suit, action, prosecution or other legal proceeding, civil or criminal on behalf of the company. b. To carry on the business of the company so far as may be necessary for the beneficial to it. c. To pay to the creditors. d. To make any compromise or arrangement with creditors. e. To compromise all calls and liabilities to calls, debts and liabilities capable of resulting in debts. f. To sell the movable and immovable property and things in action of the company by public auction or private contract, with power to transfer to any person or to sell the same in parcels. g. To do all acts and to execute all deeds, receipts and other documents in the name and on behalf of the company and for that purpose to use in the companys seal when necessary. h. To prove, rank and claim in the bankruptcy, insolvency or sequestration of any contributory for any balance against his estate and to receive dividends as a separate debt due from the bankrupt or insolvent in the bankruptcy. i. To draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company. j. To raise on the security of the assets of the company any money.

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Consequences of Winding up:

Some important consequences of winding up of company are: As regards the company itself: Winding up does not mean that the company has ceased to exist. The company exists as a corporate entity with all the rights of such entity, with only change that its management and administration is to be carried on through liquidator / liquidators till the final dissolution of the company. As regards the shareholders: A new statutory liability as contributories comes into existence. Every transfer of shares or alteration in the status of a shareholder, after the winding up has commenced by the order of the Court , shall unless approved by the liquidator , be void. As regards the creditors: They cannot file or continue suits against the company, except with the leave of the Court. They cannot proceed with the execution, if they have obtained decrees already. They must lodge their claim and prove their debt before the liquidator. As regards the management: On appointment of liquidator, all the powers of the directors, chief executive and other officers, shall cease, except for the purpose of giving notice of resolution to wind up and appointment of liquidator and filing of consent of liquidator etc. As regards the disposition of companys property: All such dispositions are void unless with the leave of the Court or the liquidator.

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Modes of Winding up:

The winding up of a company may be either1. 2. 3. By the Court; or Voluntary; or Subject to the supervision of the Court.

1. Winding up of the company by the Court:

The winding up of a company by an order of the Court is called the compulsory winding up. Section 305 of the Ordinance envisages the following circumstances, under which a company may be wound up by the Court on the petition submitted to it:a. if the company has, by special resolution, resolved that the company be wound up by the Court; b. if default is made in delivering the statutory report to the registrar or in holding the statutory meeting or any two consecutive annual general meetings; c. if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year; d. if the number of members is reduced, in the case of private company, below two or, below three in case of public company and below seven in case of listed company.; e. if the company is unable to pay its debts;

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f. if the company is carrying on business not authorized by the memorandum; conducting its business in a manner oppressive to any of its members or persons concerned with the formation or promotion of the company or the minority shareholders; run and managed by persons who fail to maintain proper and true accounts, or commit fraud, misfeasance or malfeasance in relation to the company; or managed by persons who refuse to act according to the requirements of the memorandum or articles or the provisions of this Ordinance or fail to carry out the directions or decisions of the Court or the registrar or the Commission given in the exercise of powers under this Ordinance; g. if, being a listed company, it ceases to be such company;

h. if the Court is of opinion that it is just and equitable that the company should be wound up; or Complete deadlock in the management of the company. Failure of companys main object. Recurring losses. Aggressive or oppressive policy of majority shareholders. Incorporation of company for fraudulent or illegal purpose. Public interest. If the company ceases to have a member.

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Procedure for winding up of company and filing of petition before respective High Court:
a. To pass Special Resolution by 3/4th majority of the members of the company that the company be wound up by the Court in case if the company itself intend to file a petition and to file the Special Resolution on Form 26 with the registrar. b. To prepare a list of the assets to ascertain that the company is unable to pay its debts. c. To prepare a list of the creditors. d. In case of defaults in payments the creditor or creditors to make a decision for the filing of the winding up petition. e. In case if the Commission or Registrar or a person authorized by the Commission intend to file a petition, they should not file a petition, for winding up of the company, unless an investigation into the affairs of the company has revealed that it was formed for any fraudulent or unlawful purpose or that it is carrying on a business not authorized by its memorandum or that its business is being conducted in a manner oppressive to any of its management has been guilty of fraud, misfeasance or other misconduct towards the company or towards any of its members. f. To engage advocates for the preparation and filing of the petition.

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2. Voluntary winding up of members of the company:

A company can be wound up voluntary; a. on expiration of the period fixed for the duration of the company by its Articles of Association or on occurrence of event leading to dissolution of the company as provided in the Memorandum and Articles of Association and company has to pass a special resolution in general meeting for its wound up voluntarily within five weeks of filing of declaration of solvency, and b. On passing of the special resolution that the company be wound up voluntarily. A voluntary winding up is deemed to commence at the time of passing of the resolution for voluntary winding up. The company ceases to carry out business just on commencement of winding up. However, it can carry on its activities and business for beneficial winding up of the company.

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Procedure for Voluntary Wind up:

The following steps are to be taken for Members voluntary winding up under the Provisions of the Ordinance, and the Companies Rules. Step 1: Where it is proposed to wind up a company voluntarily, its directors make a declaration of solvency on Form 107 prescribed under Rule 269 of the Rules duly supported by an auditors report and make a decision in their meeting that the proposal to this effect may be submitted to the shareholders. They, then, call a general meeting (Annual or Extra Ordinary) of the members (Section 362 of the Ordinance) Step 2: The company, on the recommendations of directors, decides that the company be wound up voluntarily and passes a Special Resolution, in general meeting (Annual or Extra Ordinary) appoints a liquidator and fixes his remuneration. On the appointment of liquidator, the Board of directors ceases to exist. (Sections 358 and 364 of the Ordinance) Step 3: Notice of resolution shall be notified in official Gazette within 10 days and also published in the newspapers simultaneously. A copy of it is to be filed with registrar also. (Section 361 of the Ordinance) Step 4: Notice of appointment or change of liquidator is to be given to registrar by the company along with his consent within 10 days of the event. (Section 366 of the Ordinance) Step 5: Every liquidator shall, within fourteen days of his appointment, publish in the official Gazette, and deliver to the registrar for registration, a notice of his appointment under section 389 of the Ordinance on Form 110 prescribed under Rule 271 of the Rules.

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Step 6: If liquidator feels that full claims of the creditors cannot be met, he must call a meeting of creditors and place before them a statement of assets and liabilities. (Section 368 of the Ordinance) Step 7: A return of convening the creditors meeting together with the notice of meeting etc. shall be filed by the liquidator with the registrar, within 10 days of the date of meeting. (Section 368 of the Ordinance) Step 8: If the winding up continues beyond one year, the liquidator should summon a general meeting at the end of each year and make an application to the Court seeking extension of time. (Section 387(5) of the Ordinance) Step 9: A return of convening of each general meeting together with a copy of the notice, accounts statement and minutes of meeting should be filed with the registrar within 10 days of the date of meeting. (Section 369 of the Ordinance) Step 10: As soon as affairs of the company are fully wound up, the liquidator shall make a report and account of winding up, call a final meeting of members, notice of convening of final meeting on Form 111 prescribed under Rule 279 of the Rules before which the report / accounts shall be placed. (Section 370 of the Ordinance) Step 11: A notice of such meeting shall be published in the Gazette and newspapers at least10 days before the date of meeting. (Section 370 of the Ordinance) Step 12: Within a week after the meeting, the liquidator shall send to the registrar a copy of the report and accounts on Form 112 prescribed under Rule 279 of the Rules. (Section 370 of the Ordinance)

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Documents required for voluntarily winding up by members:

Special Resolution on Form-26 (prescribed under the Companies (General Provisions and Forms) Rules, 1985 for voluntary winding up. Declaration of Solvency on Form 107 under the Rules. Affidavit by Directors of the company including Chief Executive verifying the attached auditors report, profit and loss account, balance sheet, statement of assets and liabilities prepared from the date of closing of last accounts till the latest practicable date, immediately before the making of declaration. Consent of liquidator. A copy of Notice of resolution passed for winding up the company voluntarily and published in the Official Gazette. A copy of Notice for appointment of liquidator and published in the Official Gazette. A copy of Preliminary report prepared by the liquidator. Final report and accounts of the company prepared by liquidator presented in General meeting of shareholders after finalization of winding up. Notice of final meeting. Return containing final report and accounts along with minutes of meeting to be filed with the concerned Company Registration Office.

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3. Winding up of the company subject to the supervision of the Court:

When a company has passed a resolution for voluntary winding up, the Court may of its own motion or on the application of any person entitled to apply to the Court for winding up a company, make an order that the voluntary winding up shall continue, but subject to such supervision of the Court, and with such liberty for creditors, contributories or others to apply to the Court, and generally on such terms and conditions, as the Court thinks just. A petition for the continuance of a voluntary winding up subject to the supervision of the Court shall, for the purpose of giving jurisdiction to the Court over suits and other legal proceedings, be deemed to be a petition for winding up by the Court. The Court may, in deciding between a winding up by the Court and a winding up subject to supervision, in the appointment of liquidators, and in all other matters relating to the winding up subject to supervision, have regard to the wishes of the creditors or contributories as proved to it by any sufficient evidence, but subject to the provisions which would have been applicable had the company been wound up by the Court.

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INTRODUCTION TO THE ORGANIZATION

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History:
Beema Pakistan Company Ltd. offers insurance services. The company was incorporated in 1960 as Khyber Insurance Company Ltd. Through the years, Khyber had a check red history much like the history of the insurance industry itself in Pakistan. What is commendable was survival. The institution withstood the turbulence, regression and stagnation in the domestic market. It was renamed Heritage Insurance Company Limited. In 1994 but failed to reassert its former place in the market as a leader. On November 22, 2000 infusion of new the capital, management, and a new name, Beema-Pakistan has made a new debut. Its Head Office located in Karachi, Pakistan.

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Company Information:
BOARD OF DIRECTORS M. Shahnawaz Agha Chairman & Chief Executive Jaweid Ishaque Director Dr. Naseem Uddin Qureshi Director Syed Muhammad Salahuddin Director Mirza Zaheer Agha Director Rear Admiral (R) Syed Hamid Director Mirza Salman Agha Director

COMPANY SECRETARY Syed Misbah Uddin Ahmed

MANAGEMENT - HEAD OFFICE M. Shahnawaz Agha Syed Misbah Uddin Ahmed Danish Husain Mudassar Hussain Ather Rizvi Kamal Zuberi Chief Executive Officer (TMO) Chief Financial Officer Marketing Manager Manager Underwriting Director Legal & Corporate Affairs Finance Manager

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BRANCHES Merajuddin Kardar Mohammed Umar Satti Shafiq Ahmed Khan Ch. Mohammed Ramzan Farrukh Hassan Regional Manager, Lahore Regional Manager, Multan Marketing Director Branch Manager, Sargodha Branch Manager, Quetta

AUDITORS F.R. Merchant & Company Chartered Accountants Muhammadi House, I. I. Chundrigar Road, Karachi-74000 REGISTERED & HEAD OFFICE 412-427, Muhammadi House, I. I. Chundrigar Road, P.O. Box: 5626 Karachi - 74000 Phone PABX- 242-9530/32 & 34 Cable- "KHYRIN" Fax - 242-9533

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DESCRIPTION OF THE REPORT

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Winding up:
The term winding up of a company may be defined as the proceedings by which a company is dissolved (i.e. the life of a company is put to an end).

Grounds for Winding Up:

Section 408 provides that a company may be wound up by the court if: (a) The company has by special resolution resolved that the company be wound up by the court. (b) Default is made in delivering that statutory report to the commission or in holding the statutory meeting. (c) The numbers of members is reduced below two. (d) The company is unable to pay its debts. (e) The court is of the opinion that is just and equitable that the company should be wound up.

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Persons Who May Petition For Winding up Of The Court:

1. The company by way of resolution under section 408. 2. The creditors by way of petitions under section 408(d). The petitioning creditor may be secured or unsecured. Also a contingent creditor may bring a petition under section 410nand such a creditor will include one who claims for un liquidated damages or is entitled to future rents from the company or who holds a bill of exchange or a debenture not yet payable but not one whose debt has been paid to the sheriff. 3. A contributory who is a person who is liable to contribute to the assets of the company in the event of its being wound up. 4. The Trustee or the Personal Representatives. 5. The official receiver. 6. The commission 7. Receiver if authorized by debenture.

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Status & Nature of Business:

In 1960, the company was incorporated under the Companies Act, 1913 as a public limited company. The Company is engaged in the general insurance business and listed on the Karachi and Lahore Stock Exchanges.

Mode of Wind up:

The mode of wind up of Beema-Pakistan Company Limited went through a Court wound up in year 2007.

Bankers:
Allied Bank of Pakistan Limited Bank Alfalah Limited KASB Commercial Bank Limited Standard Chartered Bank Limited MCB bank Limited My Bank Limited NIB Bank Limited

Directors:
The total number of directors of the company was 7.

Listing:
The company was a Public Limited and was listed in the Karachi Stock Exchange.

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Period of Operations:
The Beema-Pakistan Limited Company was operated for a period of forty seven years; from 1960 till 2007.

Shareholders:
There were approximately 242 shareholders of the company.

Total: Ordinary Rs. 41,683,739 Preference Shares Rs. 5,906,000 Total Shares Rs. 47,589,739

Share Capital Authorized June 30, 2007: 1,000,000

Ordinary Share Capital as on June 30, 2007: 9 40,495

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Steps Involved in winding up of Beema-Pakistan Company Limited:

The following steps were taken in winding up by the court BeemaPakistan Company Limited and filing of petition before respective High Court: a. Beema-Pakistan Company Limited pass Special Resolution by 3/4th majority of the members of the company that the company be wound up by the Court in case if the company itself intend to file a petition and to file the Special Resolution on Form 26 with the registrar. b. The members approved the above resolution in the Annual General Meeting as Special Resolution. c. Beema-Pakistan Company Limited prepare a list of the assets to ascertain that the company is unable to pay its debts. d. Beema-Pakistan Company Limited prepare a list of the creditors.

e. In case Beema-Pakistan Company Limited defaults in payments the creditor or creditors to make a decision for the filing of the winding up petition. f. Beema-Pakistan Company Limited; in case if the Commission or Registrar or a person authorized by the Commission intend to file a petition, they should not file a petition, for winding up of the company, unless an investigation into the affairs of the company has revealed that it is carrying on a business not authorized by its memorandum.

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g. Last, Beema-Pakistan Company Limited engages advocates for the preparation and filing of the petition.

Portfolio of Plans of Beema-Pakistan Company Limited:

These are the major insurance policies Beema Company was offering: JEEAALA

SITARA

WAZIFA

DAULAT

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Portfolio of Products:

MUAVIN

MUAVIN JUNIOR

BAZZ

GULNAR

TAMEER

SHAHEEN

KAFEEL

SIGEL

NAKHUDA

DARBAN

NAQD

NIGRAN

MUKHBIR

FALAK

MUHAFIZ

MAHFOOZ

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ROZE-ANA

MAKHZAN

ZAMIN

AMANAT

CONCLUSION

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Beema Pakistan Company Ltd. offers insurance services. The company was incorporated in 1960. In 1994 but failed to reassert its former place in the market as a leader. On November 22, 2000 infusion of new capital, management, and a new name, BeemaPakistan has made a new debut. Beema-Pakistan Company Limited was run according to the rules and a provision set by the Ordinance, and was wound up in the similar manner by the court. There was no violation of rules of the court liquidation process as stated in the Companies Ordinance.

BIBLOGRAPHY

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Person Contacted:
Mr. Athar Rizvi Director Legal & Corporate Affairs [email protected]

Attached:

Form 26 Securities And Exchange Pakistan Document Commission Of

APPENDIX

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Related Sites :
http://www.secp.gov.pk/ http://www.beemapakistan.com/aboutus/history.php http://www.beemapakistan.com/aboutus/board.php http://www.beemapakistan.com/structure/risk.php http://www.beemapakistan.com/products/index.php http://www.beemapakistan.com/contact/index.php http://www.beemapakistan.com/index.php http://www.beemapakistan.com/aboutus/shareholders.php

Related Books:
Corporate laws & Secretarial Practices.

Tutorial Guide:
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Guide on Winding up / Dissolution of Companies

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