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MFG INSURANCE COMPANY LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN S — 2022 CLD 1055 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2022 CLD 1055 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2022
Reporter
CLD
Parties
MFG INSURANCE COMPANY LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN S
Subject matter
Criminal
Provisions referred to
S. 89---R

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

MFG INSURANCE COMPANY LIMITED VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN S. 89---Reduction of Share Capital---Principle---Petitioner company sought reduction of share capital---Principle---Validity---Confirmation of resolution of reduced share capital questions for consideration were, should the Court refuse its sanction to the reduction out of regard to the interest of those members of public who could be induced to take shares in the company; was reduction fair and equitable between different classes of shareholders; whether reduction was shared by all; and was it designed to work justly and equitably and whether it did not involve diminution of liability in respect of unpaid capital or payment of any shareholder of any paid up capital; and there was evidence regarding loss of capital and non-representation of available assets---None of such impediments existed---Proposed reduction in share capital, as resolved by petitioner company itself, was just, fair and reasonable---Such reduction was not likely to adversely affect interests of shareholders who had themselves resolved to approval of scheme of reduction---High Court confirmed proposal for reduction of share capital in terms of the requirements---Petition was allowed accordingly.

Other judgments reported in 2022 CLD

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