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2022 CLD 282 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2022 CLD 282 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2022
Reporter
CLD
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---Scope---Petitioner public and private 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 company--- Validity--- Indispensable statutory benchmarks and formalities had been accomplished and adhered to by the petitioners as envisioned under the Companies Act, 2017 and the enabling Rules and requisite majority of shareholders was also obtained---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.

Other judgments reported in 2022 CLD

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