Mufti Plastics (Private) Limited (‘MPPL’), incorporated in 1999, was promoted by two friends, Mr Zafar and Mr Tariq. Currently, 60% of the issued shares of MPPL are owned by Mr Zafar (who is the chief executive of MPPL) and his family members (collectively called the ‘Zafar Group’). The remaining 40% issued shares are owned by Mr Tariq’s family members (collectively called the ‘Tariq Group’). Mr Tariq died in December 2005. Since January 2006, the Tariq Group has practically been excluded from the affairs of MPPL. No notice of any general meetings or board meetings of MPPL has been received by the Tariq Group. No dividend has been declared since 2006. MPPL’s after tax profit for the financial year ending June 2008 was Rs. 200,000,000·00. MPPL has been making regular payments to its creditors (including financial institutions). The Tariq Group has tried discussing its grievances with the Zafar Group, but has not succeeded.Required:With reference to the Companies Ordinance, 1984, advise the Tariq Group on the grounds on which it may seek the winding up of MPPL by the court and its chances of succeeding in such a claim. (10 marks)
