Law: Companies Ordinance, 1984

Section: 287

Companies Ordinance (XLVII of 1984)--Ss. 287, 284, 285, 286, 287 & 288---Companies (Court) Rules, 1997, Rr.55 to 60---Merger of Companies---Petition under S.284 read with Ss. 285, to 287 of the Companies Ordinance, 1984 praying that an order under S.287(1)(a) of the Ordinance be passed transferring to and vesting in the company 'M' the whole undertaking, assets, properties, liabilities, rights, benefits, powers, privileges, licences, contracts of Company 'W' and more particularly described in the scheme as set forth in the Annexure to the petition---Scheme of Arrangements for merger of the companies was also filed with the petition---Object of Scheme was to merge Company 'W' into Company 'M'---Validity---Both the Companies had agreed and entered into Scheme for the proposed merger of the Companies, Scheme of Arrangements had been filed giving details of the merger; minutes of the meeting held pursuant to court order were also filed; notice of the merger was published in the newspapers and Gazette of Pakistan; notice was sewed upon the Joint Registrar of Companies and Securities and Exchange Commission explaining therein to the Commission and Joint Registrar the details of capital and arrangements of merger; dues of both Joint Registrar and Securities and Exchange Commission, in accordance with law, were promised to be paid by both the Companies which was sufficient to safeguard the interest of the Commission and the Joint Registrar---Formalities having been completed and no objection whatsoever having been received from any quarter there remained no impediment for allowing the petition---High Court approved the Scheme of Arrangements for proposed merger accordingly. JUDGMENT NADEEM AZHAR SIDDIQI, J.---By filing of this petition under section 284 read with sections 285 to 288 of the Companies Ordinance, 1984. The petitioners have prayed that an order under section 287(1)(a) of the Companies Ordinance, 1984 may be passed transferring to and vesting in the petitioner No.2 the whole undertaking, assets, properties, liabilities, rights, benefits, powers, privileges, licences, contracts of the petitioner No.1 as more particularly described in the Scheme as set…

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