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NUTRICO MORINAGA (PVT.) LIMITED AND ANOTHER vs Ss — 2022 CLD 1032 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2022 CLD 1032 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2022
Reporter
CLD
Parties
NUTRICO MORINAGA (PVT.) LIMITED AND ANOTHER vs Ss

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

NUTRICO MORINAGA (PVT.) LIMITED AND ANOTHER VS Ss. 279, 280, 281, 282, 283 & 285---Merger of companies---Scheme of arrangement---Approval of---Principle---Petitioner companies sought their merger with approval of scheme of arrangements filed by them---Validity---To question merger it was to be seen from perception that a wise group of businessmen had taken a decision considering all its pros and cons---While taking such decision there were chances of success and failure but then while questioning such decision bona fide was the real litmus test---Businessmen could take decision foreseeing future aspect---Court could only see that all legal formalities were fulfilled and that the scheme was neither unjust nor unfair or against national interest---Wisdom of decision of businessmen could not be challenged as by doing that Court would be overriding such wisdom which was their prerogative---Report of Chartered Accounts was very material who were engaged for calculating swap ratio in respect of envisaged scheme of arrangement---High Court declined to interfere in scheme of arrangement filed by petitioner companies---Petition was allowed accordingly.

Other judgments reported in 2022 CLD

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