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DIN FARM PRODUCTS (PVT.) LIMITED vs S. 89 — 2023 CLD 219 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2023 CLD 219 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2023
Reporter
CLD
Parties
DIN FARM PRODUCTS (PVT.) LIMITED vs S. 89
Subject matter
Criminal
Provisions referred to
S. 89---P

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

DIN FARM PRODUCTS (PVT.) LIMITED VS S. 89---Paid up capital, reduction in---Pre-conditions---Scope---Petitioner company sought confirmation of reduction in paid up capital---Validity---In case for confirmation of resolution of reduce share capital, question for consideration were; should the Court refuse its sanction to the reduction out of regard to the interest of those members of public who were induced to take shares in the company; was reduction fair and equitable between classes of shareholders; whether reduction was shared by all; was it designed to work justly and equitably; and whether such reduction did not involve diminution of liability in respect of unpaid capital or payment of any shareholder of any paid of capital---Evidence regarding loss of capital was present and non-representation of available assets---None of such impediments existed in the case of the Company---Proposed reduction in share capital was resolved by the company itself, which would not adversely affect the interest of shareholders---High Court approved the scheme of reduction and the proposal for reduction of share capital was confirmed---Petition was allowed accordingly.

Other judgments reported in 2023 CLD

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