FOUNDATION SECURITIES (PVT.) LTD. vs Ss — 2023 CLD 883 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2023 CLD 883 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2023
Reporter: CLD
Parties: FOUNDATION SECURITIES (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

FOUNDATION SECURITIES (PVT.) LTD. VS Ss. 279, 280, 281, 282 & 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, trading terminals, servers, back-office system, trademarks, patents, liabilities, obligations and dues of the transferor company would be transferred to and vest in and assumed by transferee company against allotment and issue of shares---Ratio of shares and scheme was based on the recommendation of the Chartered Accountants after considering the financial positions of the companies---Transferee company would act accordingly whereas the transferor company would cease to exist without winding up and its shares held by shareholders would stand cancelled---Creditors of the petitioners had consented to the Scheme of Arrangement---Not a single shareholder of any of the two petitioners had objected to the scheme--- Petition was allowed, in circumstances.

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