Law: Insurance Ordinance, 2000

Section: 5,5(3)

Law: Companies Ordinance, 1984

Section: 284,285,286,287

Insurance Ordinance (XXXIX of 2000)--S.5(3) Companies Ordinance (XLVII of 1984), Ss. 284, 285, 286 & 287 Scheme of Arrangement, sanction of Conversion of branch office of foreign company into public limited company Application was filed by the petitioner for sanction of Scheme of Arrangement by Companies Judge -Petitioner Company was a Foreign Company and was transacting general insurance business in Pakistan ¬Company intended to convert its branch office in Pakistan as public limited company Validity Members of the petitioner Company had by majority approved the Scheme of Arrangement Neither the employees nor any of the creditors or insured had come forward to oppose the Scheme Where the company had disclosed its latest financial position and apparently nothing in the proposed Scheme ran contrary to the Companies Ordinance, 1984 or the Insurance Ordinance, 2000, Scheme of Arrangement would be in the interest of shareholders of the petitioner-¬Company and also of the insured No material on record existed to suggest that the conversion of the registered branch office of the petitioner Company into a public Company in compliance of S.5(3) of the Insurance Ordinance, 2000, and in terms of provisions of Ss.284 to 287 of the Companies Ordinance, 1984, was against public interest or in violation of any law High Court sanctioned the Scheme of Arrangement and the petitioner Company was incorporated as public limited company in accordance with law. ORDER Mr. Muhammad Naeem, learned counsel for the petitioner states that as provided under the newly promulgated Insurance Ordinance, 2000, a Foreign Insurance Company carrying on business in Pakistan through its registered branch office, may convert its branch office into a public limited company in accordance with provision of sections 284 to 287 of the Companies Ordinance, 1984. According to him petitioner, intends to convert its Registered Branch Office into a Public Company in terms of section 5(3) of the Insurance Ordinance, have complied with all the formalities as required "under the law. The Scheme of Arrangement has been approved by petitioner's Board of Directors through instant petition seeks sanction of…

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