Law: Companies Ordinance, 1984

Section: 284

Companies Ordinance (XLVII of 1984)---Ss. 284, 285, 286, 287 & 288---Demerger of companies---Scheme of arrangement---Family dispute---Effect---Petitioner companies sought demerger into two separate units and for that purpose scheme of arrangement was prepared---Objector claimed that million of shares in one petitioner company were owned by his deceased father and he sought postponement of demerger till settlement of dispute regarding those shares---Validity---Scheme was approved by 99.99% of the shareholders of one petitioner company present and voting at the extraordinary general meeting which was attended by 89.23% of the total voting power of that company---Similar resolution was unanimously passed by members of the other petitioner company in their extraordinary general meeting held on the same date---All secured creditors of one petitioner company had consented to the scheme being duly implemented and other petitioner had no secured creditors---Security Exchange Commission of Pakistan and Federal Board of Revenue had no objection to the scheme and Commission's proposal about method of calculating value of net assets of one petitioner had been duly accepted by management of that company---Objection to sanction of the scheme filed by non-member of one petitioner company, based on family dispute with certain members of that company, had already been rejected on account of its irrelevance to the proceedings---No ground was available militating sanction of scheme of arrangement approved by huge majority of shareholders of both petitioner companies and duly supported by creditors of such companies---Requirements of S.284 of Companies Ordinance, 1984, imposing statutory safeguards for finalization and sanction of scheme of arrangement were duly met by the petitioners---Scheme approved by shareholders of both petitioner companies was sanctioned by High Court under S.284(3) of Companies Ordinance, 1984---Petition was allowed accordingly. ORDER UMAR ATA BANDIAL, J.---Through this petition under section 284 read with sections 285 to 288 of the Companies Ordinance, 1984, the Petitioners, Dawood Hercules Chemicals Limited ("Petitioner No.1"), a public listed…

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