LAHORE, Nov 24 Justice Mian Saqib Nisar of the Lahore High Court on Tuesday admitted for hearing a petition that sought winding up of The Nation Publications (Private) Limited and issued notices to respondents for Wednesday (today).
The respondents included Majid Nizami, chief executive of The Nation Publications (Private) Limited, and Ms Rameezah Nizami.
Arif Nizami, son of the founder of the Nawa-i-Waqt Group, the late Hameed Nizami, has filed the petition in his capacity of a director and share-holder of The Nation Publications (Private) Limited as well as the founder editor of 'The Nation'. He is being represented in the case by Barrister Aitzaz Ahsan, Abid Hasan Minto and Uzair Karamat Bhandari.
Mr Nizami was sacked as the editor of “The Nation” on Sept 7, 2009. It has been argued in the petition that though the company was incorporated as a private limited company, in essence, it was a family concern being managed solely by its members and was in the nature of a partnership.
Relying on decisions of Supreme Court and the House of Lords of England, counsel submitted that the company was, therefore, subject to the principles for dissolution applicable to partnership concerns.
The petition levels allegations of acts of omission and commission in violation of the Companies Ordinance, 1984, and the Memorandum & Articles of Association of the publications. Petition also alleged illegal dilution of shareholding, oppression and mismanagement of the company and says Arif Nizami had been illegally ousted from management.—Staff Reporter