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ALI HUSAIN RAJABALI LIMITED vs S. 89 — 2022 CLD 999 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2022 CLD 999 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2022
Reporter
CLD
Parties
ALI HUSAIN RAJABALI LIMITED vs S. 89
Subject matter
Criminal
Provisions referred to
S. 89---R; 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

ALI HUSAIN RAJABALI LIMITED VS S. 89---Reduction in share capital---Scope---Petitioner sought confirmation of the Court to reduction of paid up capital---Validity---In case of confirmation of resolution of reduced share capital the questions for consideration are, should the Court refuse its sanction to the reduction out of regard to the interest of those members of the public who may be induced to take shares in the company; is the reduction fair and equitable between different classes of shareholders; whether the reduction is shared by all; is it designed to work justly and equitably; whether it does not involve diminution of the liability in respect of unpaid capital or payment of any shareholder of any paid up capital; and there is evidence regarding loss of capital and non-representation of available assets---None of said impediments exist in the case of petitioner's company and consequently in view of proposed reduction in the share capital, as resolved by the company itself, apparently seems to be just, fair and reasonable and not likely to adversely affect the interests of shareholders who have themselves resolved to the approval of the scheme of reduction---Proposal of reduction of share capital is confirmed in terms of the requirements of Companies Act, 2017---Petition stands disposed of accordingly.

Other judgments reported in 2022 CLD

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