2022 CLD 180 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2022 CLD 180 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2022
Reporter: CLD
Subject matter: Criminal
Provisions referred to: Companies Act

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---Sanction of the court---Petitioner public and private companies sought sanction of the court for a scheme of arrangement whereby undertakings of some petitioner companies would be demerged and vested in the other petitioner companies and additionally sought confirmation for reduction in issued and paid-up share capital of one of the petitioner companies--- Validity--- Securities and Exchange Commission of Pakistan (SECP) made only formal observations in the matter which were not against said scheme and were inconsequential---Indispensable statutory benchmarks and formalities had been accomplished and adhered to by petitioners as envisioned under Companies Act, 2017 and the enabling Rules and requisite majority of shareholders was also obtained---Report of Chairman conveyed that all essential and fundamental characteristics and attributes of proposed scheme were placed before voters in separate meetings to live up to statutory obligations---Proposed scheme looked evenhanded and serviceable from point of view of a commercial decision---Once requirements for a scheme for getting sanction of court were found to have been met, then court would have no further jurisdiction to sit over the commercial wisdom of majority of the class of persons who had approved said scheme---No material on record revealed that the said scheme was either against public interest or in violation of law---Scheme was sanctioned, accordingly.

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