Law:

Section:

Companies Ordinance (XLVII of 1984)--- ----Ss. 92, 284 & 287---Scheme of arrangement/amalgamation---Approval---Judge in Chambers of High Court approved scheme of arrangement for the merger of two companies and declared that authorized capital of transferor, which was transferred to, stood vested in the transferee---Plea raised by Registrar of Companies, Securities and Exchange Commission of Pakistan was that process for increasing authorized capital was provided in S. 94 of Companies Ordinance, 1984, and the same was to be followed---Validity---Company was given power under S. 284 of Companies Ordinance, 1984, to sanction compromise or arrangement between the companies and its members or its creditors---Provisions of Ss.284 & 287 of Companies Ordinance, 1984, were a complete code under which merger/amalgamation was sanctioned therefore there was no reasons for a separate application to be filed for such purpose---No illegality was found in the passed by Judge in Chambers of High Court---Securities and Exchange Commission of Pakistan was unable to show that the issue of authorized capital stood outside the ambit of Ss. 284 & 287 of Companies Ordinance, 1984---Intra Court Appeal was dismissed in circumstances. JUDGMENT AYESHA A. MALIK, J.---Through this ICA, the Appellant has impugned judgment dated 6.9.2010 passed by the learned Single/ Company Judge in C.O. No.58/2009. 2. The basic facts of the case are that the Respondents moved a petition under section 284 read with section 287 of the Companies Ordinance, 1984 ("Ordinance") for merger of Respondent No.1 into Respondent No.2. The scheme of arrangement was approved and sanctioned by the learned Company Judge through his judgment dated 6.9.2010. The Appellant is aggrieved by the findings contained in paragraph 23 of the impugned judgment wherein it provides that since the authorized capital of the transferor which is transferred to and stands vested in the transferee has already been subject to payment of the prescribed fee, requiring the transferee to again seek approval of the SECP or to pay fee all over again is neither logical nor appears to be the intent of the law. It is common ground between…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492