ASSOCIATED CONSULTING ENGINEERS ACE LIMITED AND 4 OTHERS vs Ss — 2023 CLD 426 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2023 CLD 426 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2023
Reporter: CLD
Parties: ASSOCIATED CONSULTING ENGINEERS ACE LIMITED AND 4 OTHERS 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

ASSOCIATED CONSULTING ENGINEERS ACE LIMITED AND 4 OTHERS VS Ss. 279, 280, 282, 283 & 285---Scheme of arrangement---Merger and demergers---Scope---Petitioners sought approval of Scheme of Arrangement, which involved the demerger of four portions of an undertaking from the transferor company and their merger into four transferee companies, while the remaining undertaking was to stay with the transferor company---Validity---Separate meetings were held for the members of the transferor and transferee companies, and 100% of the members had approved the Scheme of Arrangement---Secured creditors had not raised any objections and certificates to that effect were placed on record---Scheme of Arrangement was arrived at by a majority and no objections were raised by the entire body of shareholders, ensuring the protection of their interests---Scheme of Arrangement and demerger of the undertaking was found to be in compliance with the requirements of the law---As a result, the petition was allowed.

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