Law: Companies Ordinance, 1984

Section: 97

Companies Ordinance (XLVII of 1984)--S.97-Petition for reduction of 2/3rd in paid-up shares capital of company--Company before filing such petition had informed its shareholders and creditors regarding such proposed reduction-Shareholders and creditors had consented to proposed reduction---Financial position of company was sound prior to proposed reduction, and would remain so even after such reduction--None of shareholders or creditors was likely to suffer, rather shareholders would get return of amount without affecting their voting strength and interest in company---High Court accepted such petition in circumstances. JUDGMENT TUFAIL H. EBRAHIM, J.---Through this petition under section 97 of the Companies Ordinance, 1984, the petitioner has sought sanction for the reduction in the issued share capital and has made following prayers:-- (a) an order under section 101 of the Companies Ordinance confirming the reduction in the share capital of the petitioner to be effected in the manner resolved by the Ordinary and Special Resolution set out in the paragraph 10 of this petition; (b) an order under section 98 of the Companies Ordinance, 1984 directing that notwithstanding the reduction aforesaid in the issued/paid-up share capital of the petitioner, the use of the words "and reduced" in relation to the name of the petitioner shall be dispensed with; (c) an order under section 102 of the Companies Ordinance, 1984 confirming the Minute as set forth in paragraph 14 of this petition and directing that the notice of the registration of such minutes shall be published in at least one issue each of the daily newspaper in the English language and a daily newspaper in the Urdu language having circulation in the Province of Sindh. Briefly the facts are that the petitioner is a registered public limited (unlisted) company within the meaning of the Companies Ordinance, 1984. The Company was duly registered on 25-7-1951 at Karachi, under the Companies Act, 1913 vide Registration No. SIND 913 of 1951-1952. The main business of the company is manufacturing and marketing pharmaceutical, personal care and household products, insecticides and pest control products and other objects…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492