July 9, 2019 (MLN): Azgard Nine Limited will hold an extraordinary general meeting (EOGM) on July 30, 2019 to consider and approve the sale of two of their units as per the creditors’ scheme of arrangement for of the Company’s liabilities dated January 1, 2018 that is pending settlement before the Honorable Lahore High Court.
Announcing the special agenda for this meeting in an official notice issued to the Pakistan Stock Exchange (PSX), ANL apprised that the Creditors of the Company filed a Scheme of Arrangement (the Scheme) in the Honorable Lahore High Court during the month of January, 2018.
After filing of Scheme, “The Lahore High Court” appointed two Independent Chairpersons to conduct the meeting of the Creditors of the Company. They called the meeting of Creditors of the Company on May 14, 2018.
In the meeting of the Creditors, the requisite majority of the Creditors approved the “Scheme of Arrangement”, the Chairpersons submitted their report in the Lahore High Court and the scheme was verbally approved by Mr. Justice Farrukh Irfan Khan of Lahore High Court on January 31, 2019.
However, due to his sudden resignation, the honorable judge could not issue “detailed written order” of the case.
The case was therefore fixed for re-hearing before Mr. Justice Shahid Karim. The first date of rehearing was fixed on June 24, 2019 where the case was adjourned for next hearing on July 08, 2019.
During the second hearing, Mr. Justice Shahid Kaleem required the Company to call its Shareholders’ meeting and seek the approval of its Shareholders for the sale of its two non-core assets (as per terms of the Creditors filed scheme of arrangement) before the next hearing date fixed for July 31, 2019.
The notice further informed that as directed by Lahore High Court, the shareholders of the Company are being approached for seeking their approval on the matter.
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