Law: Companies Ordinance, 1984

Section: 284,285,286,287,288

Companies Ordinance (XLVII of 1984)--- ----Ss. 284, 285, 286, 287 & 288---Companies (Court) Rules, 1997, R. 55---Competition (Merger Control) Regulations, 2016, Regln. 5(1)(ii)---Scheme for arrangement---Approval---Petitioner companies prepared scheme for arrangement and sought approval of the High Court---High Court being a sanctioning court noticed that all requisite statutory procedures and formalities were complied with by the companies including holding/convening requisite meetings as contemplated under relevant provisions and Rules and Companies Ordinance, 1984---Scheme setup for sanction was reinforced and fortified by requisite majority which decision was just and fair---Report/minutes of meetings unequivocally conveyed that all essential and fundamental characteristics of attributes of scheme for arrangement were placed before voters at concerned meetings to live up to statutory obligations---Proposed scheme of compromise and arrangement was not found to be violative of any provision of law and/or contrary to public policy---Scheme as a whole looked like evenhanded and serviceable from point of view of prudent persons of business taking a commercial decision beneficial to class represented by them for whom scheme was meant---Once requirements of scheme for getting sanction of court were found to have been met, court had no further jurisdiction to sit in appeal over commercial wisdom of majority of class of persons who, with their open eyes, had given their approval of scheme---Scheme of arrangement was sanctioned in circumstances. International Complex Projects Limited and another's 2017 CLD 1468 and Sidhpur Mills Co. Ltd.'s case AIR 1962 Guj. 305 ref. THIS ORDER PASSED BY: MUHAMMAD ALI MAZHAR, JUSTICE:---.--- This petition has been put forward under section 284 read with sections 285 to 288 of the Companies Ordinance, 1984 for an order under section 287(1) of the Companies Ordinance for transferring to and vesting in the specific segments of the petitioner No. 1 business enterprise together with petitioner No. 2 by means of envisioned Scheme for Arrangement. 2. The transitory facts are that the petitioners have moved this petition for sanction of…

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