Law: Companies Ordinance, 1984

Section: 284,287

(a) Companies Ordinance (XLVII of 1984)--Ss. 284 & 287 Companies (Court) Rules, 1997, R.60, Form 19 Amalgamation of Companies Failure to file petition for amalgamation in accordance with Form 19 prescribed under Companies (Court) Rules, 1997 Validity ¬No bar existed in filing the petition for approval and petition for holding extraordinary general meeting simultaneously ¬If the petition substantially fulfils the requirements of Form 19. then the petition is maintainable. (b) Companies Ordinance (XLVII of 1984) Ss. 284 & 287 Companies (Court) Rules, 1997, R.60 ¬Amalgamation of companies Scheme of amalgamation ¬Petitioner companies were associated companies having common management Majority of the shareholders in all the companies were common and they belonged to one group No investigation proceedings under Ss. 263 & 282 of Companies Ordinance, 1984, or any other proceedings under any provision of Companies Ordinance, 1984, were pending against any of the petitioner companies Petition for amalgamation was filed with the object of better and more economically carrying on the business of the companies Validity Amalgamation was neither opposed to public policy, nor was against the interest of the creditors/ shareholders, therefore, High Court approved the scheme of amalgamation Petition was allowed accordingly. ORDER Through this petitioner under section 284 read with section 287 of the Companies Ordinance, 1984 read with rule 60 of the Companies (Court) Rules, 1997, the petitioners, Yusuf Textile Mills Limited, Indus Tech Limited and M.R. Brothers (Pvt.) Limited have applied for amalgamation of the petitioners, amongst them. Petitioners Nos. 1 and 2 are public listed and unlisted company respectively with limited liability. Petitioner No.1 with share capital of Rs.300,000,000 with ordinary shares of Rs.10 each, out of which 6,360,535 ordinary shares are issued and fully paid up, the remaining are un-issued, whereas, petitioner No. 2 with share capital of Rs.70,000,000 with 7,000,000 ordinary shares of Rs.10 each out of which 815.500 ordinary shares are issued and fully paid up and remaining are un-issued. The petitioner No. 3 is a private company with…

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