Muhammad Ajmal and Dil Muhammad Malik
Mr Muhammd Ajmal is a Judicial Officer in the Lahore High Court. He is also a PhD Candidate in a programme offered by the University of South Asia, Lahore.
Dr Dil Muhammad Malik is Dean of the Faculty of Law at the University of South Asia, Lahore.
DOI: http://DOI Number
Keywords: winding up, forum, tribunal, judicial member, efficacious, company, court
Abstract
The research contemplates over the replacement of the Company Bench of High Courts and the establishment of a Company Law Tribunal on Indian pattern in Pakistan. Tribunals have success stories in Pakistan in service, environment, insurance, banking matters, etc. The capacity and qualification of the judges of Company Benches of High Courts compared with the Company Law Tribunal have been evaluated. The study covers only compulsory winding up of companies, Company Bench of High Courts in Pakistan and Company Law Tribunal in India. The main thesis is that the specialised and plural-member tribunal is more efficient than the less specialised and single-member Company Bench. Comparative and empirical research has been done focusing on primary sources—statutes, precedents, and Rules and secondary sources—books and articles. It has been found that qualification and expertise of the judges of the Company Benches in corporate affairs and business decisions are less compared with members of the tribunals. The composition of the Company Benches compared with the tribunals is not adequate. The replacement of a Company Bench with the tribunal is more advantageous for a healthy corporate environment in Pakistan. There are numerous tribunals successfully working in the judicial system of Pakistan. Owing to the growing tendency of substitution of the courts with tribunals in Pakistan and the world, the chances of success of the Company Law Tribunal in Pakistan are bright. This work will contribute significantly to the corporate legal framework of Pakistan. The generalised application of this work may pave the way for the establishment of tribunals for other legal subjects.
First Published
September 25, 2019
How to Cite
Muhammad Ajmal and Dil Muhammad Malik, “Compulsory Winding Up of Companies: A Comparative Study of Judicial Forums in India and Pakistan,”Regional Studies 37, no.3 (Autumn 2019): 3-31, https://regionalstudies.com.pk/wp/article/compulsory-winding-up-of-companies-a-comparative-study-of-judicial-forums-in-india-and-pakistan/
Issue
Volume 37, Issue 3