January 27, 2020 (MLN): The Board of Directors of Nishat Chunian Limited (MNL), in its meeting held on Monday, was presented with the Scheme of Compromises, Arrangement and Reconstruction for the amalgamation/merger between NC Electric Company Limited and NCL, with effect from July 01, 2020,
The board therefore informed that the scheme, which is subject to approval and permission by the Honorable Lahore High Court, Lahore, be and is hereby approved.
‘The principal object of this Scheme is to ensure and effect the merger/amalgamation of NCECL (wholly-owned subsidiary of NCL) into NCL through the transfer and vesting in NCL of the Undertaking and business of NCECL together with all the property, Assets, Rights and Liabilities and obligations of every description of NCECL against set-off of the equity investment by NCL’, a notification issued in this regard said.
‘Issued, subscribed and paid-up share capital of NCECL will stand cancelled and the dissolution of NCECL without winding up without any further act or deed or documents being required to be executed, registered or filed in respect of such transfer, vesting, assumption and/or dissolution’, it added.
