| Case ID |
0a23dffb-0ed0-4b22-8d5b-ee9843958052 |
| Body |
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| Case Number |
ICA No. 14-L of 2003 |
| Decision Date |
Nov 25, 2003 |
| Hearing Date |
Oct 20, 2003 |
| Decision |
The Lahore High Court sanctioned the scheme of amalgamation between the International Multi Leasing Company and Capital Assets Leasing Corporation Limited. The court found that the joint petition filed by both companies was valid, as they were represented by the same counsel. The scheme included provisions for the transfer of assets and liabilities from the appellant to the respondent company, and the court ruled that all existing legal proceedings against the appellant would continue against the newly formed entity. The court emphasized that the scheme was binding on the members and creditors of both companies and allowed for the dissolution of the appellant company without winding up, thus facilitating the merger process. |
| Summary |
In the case of ICA No. 14-L of 2003, the Lahore High Court addressed the merger of two leasing companies under the Companies Ordinance, 1984. The case revolved around the validity of a joint petition for amalgamation filed by the International Multi Leasing Company and the Capital Assets Leasing Corporation Limited. With a focus on legal compliance and the interests of shareholders, the court found that the merger was not only lawful but also beneficial for the stakeholders involved. This ruling highlights the importance of adhering to corporate governance standards during mergers and acquisitions, especially in the leasing sector. The decision underscores the court's role in facilitating corporate restructuring while ensuring that all procedural requirements are met. The case serves as a significant reference for future mergers involving financial institutions, providing a framework for legal practitioners and corporate entities alike to navigate the complexities of amalgamation processes effectively. |
| Court |
Lahore High Court
|
| Entities Involved |
INTERNATIONAL MULTI LEASING COMPANY,
CAPITAL ASSETS LEASING CORPORATION LIMITED
|
| Judges |
MUHAMMAD GHANI, J.
|
| Lawyers |
Mr. M. Saleem Saghal,
Mr. Munawar-us-Salam,
Messrs Abid Hussain Chattha,
Messrs Faisal Maalik Buttar
|
| Petitioners |
INTERNATIONAL MULTI LEASING COMPANY
|
| Respondents |
,
CAPITAL ASSETS LEASING CORPORATION LIMITED
|
| Citations |
2004 SLD 3392,
2004 PLJ 586
|
| Other Citations |
Not available
|
| Laws Involved |
Companies Ordinance, 1984,
Evidence Act, 1872
|
| Sections |
284,
285,
286,
287,
288
|