Law:

Section:

(a) Companies Ordinance (XLVII of 1984)--- ----S. 284---Amalgamation of companies---Scheme of arrangement---High Court, jurisdiction of---Scope---Where scheme is found to be reasonable and fair, at that moment in time it is not the sense of duty or province of High Court to supplement or substitute its against collective wisdom and intellect of shareholders of companies involved. (b) Companies Ordinance (XLVII of 1984)--- ----S. 284---Amalgamation of companies---Scheme of arrangement---All indispensable statutory benchmarks and formalities were accomplished and adhered to by petitioners as envisaged under Companies Ordinance, 1984 and enabling rules---Schemes set up for sanction were reinforced and fortified by requisite majority which decision was just and fair---Reports/minutes of meeting unequivocally conveyed that all essential and fundamental characteristics and attributes of schemes were placed before voters in separate meetings to live up to statutory obligations including---Swap ratio was determined by Chartered Accountants and their reports were placed on record---Effect---Proposed scheme as a whole looked like even handed and serviceable from the point of view of prudent men of business taking a commercial decision---Once requirements of a scheme for getting sanction of the Court were found to have been met, Court had no jurisdiction to sit in appeal over commercial wisdom of majority of the class of persons who with their open eyes had given their approval to the scheme---Scheme of arrangement was sanctioned in circumstances. IGI Insurance Limited and other's case J.C. Misc. No. 1 of 2017; International Complex Projects Limited and other's case 2017 CLD 1468 and Miheer H. Mafatlal v. Mafatlal Industries Ltd. AIR 1997 SC 506 rel. THIS ORDER PASSED BY: MUHAMMAD ALI MAZHAR, J.--- This petition has been brought to implore an order for sanctioning the Scheme of transferring to and vesting in the petitioner No.2, the whole of ATC Undertaking (petitioner No.1) as per Article 10.1 of the Scheme of arrangement. 2. The transitory facts are that the petitioner No.1 is a private limited company which has successfully diversified from its original textile…

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