| Case ID |
d622b2b5-0495-498e-9014-c2aa5657d1c3 |
| Body |
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| Case Number |
Judicial Miscellaneous Application No.8 of 2012 |
| Decision Date |
Jun 11, 2012 |
| Hearing Date |
May 30, 2012 |
| Decision |
The Sindh High Court sanctioned the scheme of arrangement proposed by Metro Cash & Carry Pakistan (Private) Limited and its associated companies under Section 284 of the Companies Ordinance, 1984. The court confirmed that all statutory requirements had been fulfilled, and the scheme was approved by the necessary majority of shareholders. The court emphasized that it does not scrutinize the scheme with the same expertise as a financial expert and that the approval of the shareholders is sufficient unless there are strong grounds to show harm to others. The court also permitted the reduction of share capital as proposed in the scheme, as it was in compliance with the law and had no objections from creditors. |
| Summary |
In the case of Judicial Miscellaneous Application No.8 of 2012, the Sindh High Court addressed a scheme of arrangement under the Companies Ordinance, 1984 involving Metro Cash & Carry Pakistan and its associated companies. The petitioners sought the court's sanction to implement a comprehensive restructuring plan that would involve the transfer of assets, reduction of share capital, and the continuation of legal proceedings. The court emphasized the importance of statutory compliance and fair representation of shareholders in approving such schemes. The decision highlighted the court's role in facilitating corporate restructuring while ensuring that the interests of all stakeholders are safeguarded. The ruling demonstrated the court's commitment to enabling business efficiency through legal means, thus contributing to the overall health of the corporate sector in Pakistan. This case is significant for businesses looking to navigate complex corporate restructuring and amalgamation processes. |
| Court |
Sindh High Court
|
| Entities Involved |
Metro Cash & Carry Pakistan (Private) Limited,
Makro-Habib Pakistan Limited,
Habib-Metro Pakistan (Private) Limited,
A-One Enterprises (Private) Limited,
Metro Group Real Estate Pakistan (Private) Limited
|
| Judges |
SAJJAD ALI SHAH
|
| Lawyers |
Badar-ud-Din F. Vellani,
Omer Soomro
|
| Petitioners |
Metro Cash & Carry Pakistan (Private) Limited,
Makro-Habib Pakistan Limited,
Habib-Metro Pakistan (Private) Limited,
A-One Enterprises (Private) Limited,
Metro Group Real Estate Pakistan (Private) Limited
|
| Respondents |
Not available
|
| Citations |
2013 SLD 952,
2013 CLD 7
|
| Other Citations |
(1997) 88 Companies Case, 596
|
| Laws Involved |
Companies Ordinance, 1984
|
| Sections |
284,
287
|