Reliance Cotton secures Court authorization for corporate restructuring

MG News | March 18, 2025 at 02:22 PM GMT+05:00

0:00

March 18, 2025 (MLN): Reliance Cotton Spinning Mills Limited (PSX:RCML) has secured authorization from the Honourable High Court of Sindh at Karachi for the Scheme of Arrangement concerning the corporate reorganization of a specific portion of the sponsors' shareholdings.

The aforementioned information was disseminated through a notification to Exchange.

The court sanctioned the scheme without modification through an order received on March 17, 2025, in petition J.C.M. No. 45 of 2022.

This development follows the company's earlier disclosure on November 29, 2022, and the approval of the Scheme of Arrangement by the requisite majority of shareholders during the extraordinary general meeting held on December 27, 2022.

The scheme was approved under Sections 279 to 282 and 285 of the Companies Act, 2017.

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