July 10, 2020 (MLN): Nishat (Chunian) Limited (NCL), via notification to Exchange has informed that the Honorable Lahore High Court has approved the Scheme for Compromises, Arrangement and Reconstruction between NCL and its wholly owned subsidiary NC Electric Company Limited (NCECL).
However, the notification stated that two of the changes that were resolved in Extra Ordinary General Meeting were inadvertently left out in the Court Order and in this regard, management has filed an application for correction of the order. Changes resolved by the shareholders were as follows:
- The effective date of merger be changed from July 1st to 30th June 2020.
- The authorized Share Capita of NCECL be merged with Authorized Share Capital of NCL
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