Law: Companies Ordinance, 1984

Section: 284,287,288

Companies Ordinance (RLVII of 1984)--Ss. 284, 287 & 288 Petition for merger and amalgamation of companies Members of both companies by majority had approved resolution of merger/ amalgamation of both companies and neither employees nor any of the creditors had come forward to oppose scheme of amalgamation Both companies had disclosed their latest financial position Apparently nothing in proposed theme ran contrary to Companies Ordinance, 1984 Merger/Amalgamation, in circumstances, would be in the interest of shareholders of both the companies, particularly when no material was on record to suggest that merger/ amalgamation of the two companies would be against public interest or in violation of any law-- Amalgamation/merger scheme was sanctioned and as required under S.287 of Companies Ordinance, 1984 orders were passed accordingly. JUDGMENT Through instant petition under section 284 read with section 287 of the Companies Ordinance, 1984, seeking sanction of this Court, as required under the law for merger/ amalgamation of petitioner No.1 i.e. Messrs R.R.P. Limited with petitioner No.2 i.e. Messrs Nimir Resins Ltd., into a single combined company in accordance with the scheme of arrangement, proposed and filed as Annexure `A' to the petition. CLD Notice of the petition for the proposed amalgamations of petitioners as required under Rule 953 of S.C.C. Rules (O.S.) was affixed on the Court notice board, notice was also issued as per requirement of section 288 of the Companies Ordinance, 1984 to the Registrar, Joint Stock Companies Publication was also effected on 25 1 2000, in English Daily from Karachi and Naw e Waqt an Urdu daily from Karachi and Lahore on 8 8 2000 and so also in the official Gazette of Pakistan dated 9 8 2000. On C.M.A. No. 1567 of 2000, separate meeting of the members of both the petitioners was ordered to be held to consider, aid if thought fit, approve, adopt and agree to the proposed scheme of merger/ amalgamation Annexure `A' to the petition. Such meetings were held by each of the petitioners on 30 12 2000, whereby members of petitioner No.1, representing 77.51% in value of share held by members present in person or by proxy, approved…

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