Islamabad High Court approves Scheme of Arrangement for ENGRO, DAWH

MG News | July 24, 2024 at 09:21 AM GMT+05:00

0:00

July 24, 2024 (MLN): In a significant legal development, the Islamabad High Court has sanctioned the Scheme of Arrangement filed jointly by Engro Corporation Limited (PSX: ENGRO), Dawood Hercules Corporation Limited (PSX: DAWH), and DH Partners Limited (DHPL), the companies' filing on PSX revealed today.

The Scheme of Arrangement is set to take effect on January 1, 2025.

This development is under sections 279 to 282 and 285 of the Companies Act, 2017.

Engro Corp has assured the Exchange that it will keep stakeholders informed about the completion of post-sanction procedural requirements as outlined in the Scheme.

"The law is by now quite settled that the Court is not to second-guess the commercial and business wisdom and preference of the shareholders and creditors of companies," the copy of the Islamabad High Court's Order stated.

The Court's task is limited to watching over the regulatory and legal compliances being properly carried out, for which SECP takes the lead in its assistance to the Court on such matters, it reads.

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