MUHAMMAD SHAFI TANNERIES (PRIVATE) LIMITED AND 2 OTHERS vs Ss — 2023 CLD 454 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2023 CLD 454 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2023
Reporter: CLD
Parties: MUHAMMAD SHAFI TANNERIES (PRIVATE) LIMITED AND 2 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

MUHAMMAD SHAFI TANNERIES (PRIVATE) LIMITED AND 2 OTHERS VS Ss. 279, 280, 282, 283 & 285---Scheme of arrangement---Merger and demergers---Scope---Petitioners requested for Court's approval of a Scheme of Arrangement, which involved specific portions of undertakings of companies Nos. 1 and 2 vesting in company No. 3, while the companies Nos. 1 and 2 would continue to operate as going concerns, as well as company No. 3 with their existing names, without any of them being dissolved---Cumulative effect of this arrangement would be a reduction in shareholders' equity of companies Nos. 1 and 2, particularly in their issued and paid-up share capital---Consequently, the shares of company No. 3 would be allotted to those transferring shareholders whose shares in companies Nos. 1 and 2 were cancelled owing to reduction in issued and paid-up share capital---Petitioners had completed all necessary legal formalities, including holding separate meetings of shareholders and creditors and publishing and issuing notices to the Securities and Exchange Commission of Pakistan---As there no obstacles to granting the petition, same is allowed.

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