RAZAQUE STEELS (PVT.) LTD vs Ss — 2023 CLD 616 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2023 CLD 616 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2023
Reporter: CLD
Parties: RAZAQUE STEELS (PVT.) LTD 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

RAZAQUE STEELS (PVT.) LTD VS Ss. 279, 280, 281, 282, 283 & 285---Compromise with creditors and members---Reconstruction or amalgamation of companies---Scope---Petitioners sought sanction of the High Court to a Scheme of Arrangement---In terms of the Scheme of Arrangement entire undertaking and business including assets, rights, properties, benefits, powers, privileges, contracts, liabilities, obligations and dues of the transferor company would be transferred to and vested in and assumed by the transferee company against the allotment and issue of shares to the former's shareholders---Transferor company would cease to exist without winding up and its shares shall stand cancelled---Transferor company was a subsidiary of the transferee company which held 96% of the issued and paid up share capital of the transferor company; its balance shares were held in equal proportions by two persons who were the legal and beneficial owners of 100% issued and paid up share capital of the transferee company---No shares of transferee company were required to be issued to the shareholders of transferor company---Not a single shareholder or secured creditor of any of the two petitioners had objected to the scheme---Petition was allowed, in circumstances.

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