1. This is a petition for amalgamation and merger of petitioner No,2 into petitioner No, 1 . Petitioner No,1 is a private limited company incorporated under Companies Ordinance carrying on business of tannery and manufacture of leather garments etc. The petitioner No,2 is doing the same business as petitioner No,1 . The nature of business and operations of both the petitioners are the same. Both the petitioners are controlled and managed by common management. Both the petitioners are being managed independently as required by law by their own Board of Directors and they are required to maintain separate and distinctive manufacturing, selling, purchasing and marketing agencies under the law which resulting in duplicating the process and incurring huge amount and costs. The interest of shareholders and Directors are common and it is not necessary to maintain two separate and distinctive registered offices. With a view to achieve the economy of scales and to carry on the business more economically and efficiently and to cut unnecessary administrative costs it is necessary to merge both the Companies. Notice of this petition was published in daily Jang, Karachi and also affixed on Court notice board.
2. Registrar Joint Stock Companies filed their comments to this petition.
3. I have heard the counsel for petitioner at length and have perused the record available before me.
4. The Directors of both the Companies are present in Court and have no objection to merger/amalgamation. Accordingly I allow the petition as prayed.