NOVATEX LIMITED AND ANOTHER vs Ss — 2023 CLD 1161 QUETTA-HIGH-COURT-BALOCHISTAN

Case information

Citation: 2023 CLD 1161 QUETTA-HIGH-COURT-BALOCHISTAN
Court: Balochistan High Court
Year: 2023
Reporter: CLD
Parties: NOVATEX LIMITED AND ANOTHER vs Ss

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

NOVATEX LIMITED AND ANOTHER VS Ss. 280, 281, 282, 283 & 285---Scheme of arrangements, approval of---Commercial wisdom---Scope---Petitioners sought approval of Scheme of Arrangement---Validity---Where all requisite formalities are complied with including shareholders' and secured creditors' approval, High Court declines to question commercial wisdom behind the scheme and does not substitute its judgment against the intellect of all shareholders of the company---Shareholders approved the scheme in a meeting and unanimously approved the scheme---High Court allowed the scheme of arrangement as it was not duty of Court to substitute its own opinion against intellect of shareholders of petitioners who were the sole judge of their interests in the petitioners---Petition was allowed accordingly.

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