Karachi: Pakistan Hotels Developers Limited (PHDL), a company incorporated under the laws of Pakistan, has been placed into voluntary winding-up following a special resolution that was passed by its members on December 31, 2024. The company's registered office is located at Office No. 202, 2nd Floor, Marium Complex, BMCHS, Block-3, Sharfabad, Karachi.
The voluntary winding-up process is being carried out under the provisions of the Companies Act, 2017. The resolution appointed Mr. Mohsin Ferozuddin, Mr. Masroor F. Baweja, Mr. Muzaffar Baweja, Mr. Zaheer Baweja, and Mr. Zubairuddin Baweja as the joint official liquidators of the company. These liquidators have been given full authority to realize the company's assets and distribute the proceeds in accordance with the law, all without receiving any remuneration.
According to Mr. Ijaz Ahmed Zahid, the learned counsel for the petitioner, a declaration of solvency required under Section 351 of the Companies Act, 2017, has been duly made and is on record. The winding-up process, initially expected to conclude within a year, encountered delays, prompting an extension request filed under J.C.M. No. 01/2026. This extension was granted on February 17, 2026, allowing an additional six months to complete the process. However, due to pending litigation, the winding-up remains incomplete, necessitating the current petition for court-supervised continuation.
The Securities and Exchange Commission of Pakistan (SECP) has provided para-wise comments confirming the correctness of the petition's contents and expressed no objections to the petition's approval. Section 382 of the Companies Act, 2017, stipulates that such a petition is deemed a court petition for winding-up, thereby extending the court's jurisdiction over related suits and legal proceedings.
In compliance with the Companies (Court) Rules 1997, notice of the main petition is to be published in two leading daily newspapers, one in Urdu and one in English, as well as in the Official Gazette.
According to information available from the Pakistan Stock Exchange (PSX), the market is observing the developments with interest, given the legal intricacies involved and the implications for stakeholders within the designated market category. The continuation of the liquidators as official court liquidators is considered more expedient and cost-efficient by the petitioner-company.