AMER TEX (PVT.) LTD. vs Ss — 2023 CLD 170 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2023 CLD 170 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2023
Reporter: CLD
Parties: AMER TEX (PVT.) LTD. vs Ss
Provisions referred to: S. 465; 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

AMER TEX (PVT.) LTD. VS Ss. 279, 283 & 465(4)---Companies (General Provision of Forms) Rules, 2018, Regln. 14---Scheme of Arrangement---Shares, non-adjustment of---Respondent objected to Scheme of Arrangement on the plea that his correct shareholding pattern was not provided---Validity---Objection of insignificant number of shares, under S. 465(4) of Companies Act, 2017 and Regln. 14 of Companies (General Provision of Forms) Rules, 2018, for demerging undertaking was insignificant and the same could be reconciled in next year---Scheme of Arrangement/Demerger undertaking in view of understanding of directors was to promote business avenues and apparently not against public interest or violation of law---High Court declined to sit over the wisdom of directors to conduct business in accordance with law as the scheme of Arrangement/Demerger undertaking was at par with requirement of law---Petition was allowed in circumstance.

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