| Case ID |
20fa054c-5f82-4e36-844c-46070b1c930b |
| Body |
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| Case Number |
Judicial Miscellaneous Application No.46 of 2011 |
| Decision Date |
May 17, 2012 |
| Hearing Date |
Mar 21, 2012 |
| Decision |
The Sindh High Court sanctioned the proposed scheme of arrangement between ICI Pakistan Limited and Akzo Nobel Pakistan Limited, allowing for the separation of the Paints Undertaking from ICI Pakistan and its transfer to Akzo Nobel. The court found that the scheme was in the best interest of both companies and their stakeholders, as it would enable better management and growth opportunities for the Paints Business. The court noted that all statutory requirements had been met, including the necessary approvals from shareholders and creditors. The scheme also included provisions for the reduction of share capital of ICI Pakistan, which the court deemed appropriate given the circumstances. |
| Summary |
This case involves the sanctioning of a scheme of arrangement between two companies, ICI Pakistan Limited and Akzo Nobel Pakistan Limited, under the Companies Ordinance, 1984. The arrangement seeks to separate the Paints Undertaking of ICI Pakistan and transfer it to Akzo Nobel, facilitating better management and growth of the Paints Business. The case highlights the court's role in ensuring that such schemes are in the interest of the companies as a whole and that all necessary legal procedures are followed. The court's decision underscores the importance of compliance with statutory requirements in corporate restructuring, as well as the protection of shareholders' and creditors' interests. The ruling is significant for companies considering similar arrangements, as it sets a precedent for the judicial scrutiny of such schemes and the conditions under which they may be approved. |
| Court |
Sindh High Court
|
| Entities Involved |
ICI PAKISTAN LIMITED,
Akzo Nobel Pakistan Limited
|
| Judges |
SAJJAD ALI SHAH
|
| Lawyers |
Not available
|
| Petitioners |
ICI PAKISTAN LIMITED,
Akzo Nobel Pakistan Limited
|
| Respondents |
Not available
|
| Citations |
2013 SLD 1080,
2013 CLD 68
|
| Other Citations |
PLD 1976 Lah. 850,
(1997) 88 Company cases 596,
(2007) 138 Company Case, 834 (Calcutta)
|
| Laws Involved |
Companies Ordinance, 1984,
Companies (Court) Rules, 1997
|
| Sections |
284,
287,
66
|