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2022 CLD 161 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2022 CLD 161 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2022
Reporter
CLD

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

VS Ss. 279, 280, 282, 283 & 285---Scheme of arrangement---Merger and demergers---Objections to scheme of arrangement by the Securities and Exchange Commission of Pakistan ("SECP")---Scope---Petitioner public limited companies sought sanction for scheme of arrangement whereby specific portions of an undertaking by one petitioner would stand transferred/demerged to and vested in the other petitioner public limited company---Contention of SECP, inter alia, was that various objections arose from such demerger/scheme---Petitioner's contention, inter alia, was that objections by the SECP were of a formal nature and inconsequential to purpose of merger and demerger and that such arrangement had been approved by the shareholders---Validity---High Court observed that no material on record suggested that said scheme was unjust, unfair, against public interest, or in violation of any law---High Court further observed that all formalities under the law had been completed therefore objections of the SECP were liable to be overruled and scheme of arrangement sought was sanctioned---Petition was allowed, accordingly.

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