Law: Companies Ordinance, 1984

Section: 284

  Companies Ordinance (XLVII of 1984)--- ----S. 284---Scheme of arrangement, approval of---Requirements---Prior to placing such a scheme before the Court for its approval, the same should have been approved by a three fourth majority of either of the class as mentioned in S.284(2) of Companies Ordinance, 1984 and not the entire category of the persons---Not obligatory on the Court to order holding of meeting of creditors after any scheme is duly approved by the absolute majority of the shareholders but same is discretionary which is to be exercised in a just manner. S.M. Holding Finance (Pvt.) Ltd. v. Maisoor Machineries Manufacturers Ltd. (1993) 78 Company Cases 432; Mehmood Textile Mills Ltd. and others v. Registrar, Joint Stock Companies NLR 1993 U.C. (Civil) 49 and Pakistan Industrial Promoters (Pvt.) Ltd.'s case Judicial Miscellaneous No.25 of 1998 ref. Companies Ordinance (XLVII of 1984)--- ----Ss. 284 & 287---Scheme of arrangement, approval of---Joint application for approval of such scheme by two companies---Convening meeting of creditors by order of Court---Out of three categories of the creditors, 93.4% of the first category, 81.475 % of the second category and 99.472 % of the third category of the creditors had consented for the scheme---Effect---Held, in such-like situation there was neither any need nor any reason to convene the meeting of the creditors or T.F.C. holders---Where assessment of valuation was accepted by a majority of shareholders, it was not necessary to hold fresh assessment of the same---Proposed scheme of arrangement was, in no manner, unjust or unreasonable or against the interest of any concerned person or against 'the public or national interest---Application was granted in circumstances.   S.M. Holding Finance (Pvt.) Ltd. v. Maisoor Machineries Manufacturers Ltd. (1993) 78 Company Cases 432; Mehmood Textile Mills Ltd. and others v. Registrar, Joint Stock Companies NLR 1993 U.C. (Civil) 49; Pakistan Industrial Promoters (Pvt.) Ltd.'s case Judicial Miscellaneous No.25 of 1998; Sidhpur Mills Co. Ltd.'s case, AIR 1962 Guj. 305. and Navjivan Mills Co.. Ltd., Kalol, In re: Kohinoor Mills Co. Ltd. Bombay…