Law: Companies Ordinance, 1984

Section: 284

Companies Ordinance (XLVII of 1984)--Ss. 284, 285, 286, 287 & 288---Amalgamation and merger of companies--Petition for---Both the petitioners had desired to amalgamate and merge one company into other-To implement the said desire, petitioners had agreed and entered into an arrangement by way of Scheme of Arrangement for the purpose of merger which had been duly approved--Scheme of Arrangement appeared on record contained the terms agreed between the petitioners---All the formalities had been completed and no objection whatsoever had been received from any quarter---No legal impediment, in circumstances' existed in allowing the petition---Scheme of Arrangement for proposed merger was approved by High Court and petition was allowed as prayed for and one company was ordered to be merged in the other in terms of Scheme of Arrangement. JUDGMENT MUHAMMAD TASNIM, J.---Petitioners through this petition under sections 284 to 288 read with sections 285 to 288 of the Companies Ordinance, 1984, seek the following reliefs:-- (a) direct the petitioners Nos. 1 and 2 to arrange a meeting for the Scheme of Arrangement; (b) pass an order under the Companies Ordinance, 1984 to hold the said Scheme of Arrangement binding upon the petitioners, and all other concerned ones; (c) pass an order under section 287(1) of the Companies Ordinance, 1984, for transfer of undertaking, assets, properties, rights, liabilities, benefits, powers, privileges, licenses, contracts of the petitioner No.2 to the petitioner No.1 as per agreed Scheme for Arrangements; (d) pass an order in context of above clause prayer (c) to transfer and vest of the all liabilities and duties of petitioner No.2 to the petitioner No. 1 with effect from the effective date as defined in the Scheme of Arrangement or such date as this honourable Court deems fit/proper; (e) pass an order under section 287(1)(c) of Companies Ordinance, 1984 directing that all suits, appeals, arbitration and any legal proceedings, if instituted by petitioner No.2 or against petitioner No.2 shall be treated as ones as if were filed/instituted by the petitioner No. 1; (f) pass an order under section 287(1)(c) of Company Ordinance, 1984…

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