KARACHI, Nov 19: The Sindh High Court sanctioned on Wednesday the merger of two telecommunication companies in the private sector without a court-supervised meeting of their shareholders.
Representing the two concerns, Advocate Nadeem Ahmed submitted that the high court had discretion either to call a meeting of the members of merging companies or sanction a merger without it.
In appropriate cases, the court has power to dispense with the requirement of a shareholders’ meeting. In the instant case, members of the two companies have already given their consent to their merger. The merger plan has been submitted to the court. SHC company judge Justice Mushir Alam sanctioned the merger after hearing the counsel.
The companies to be merged are Telefon International Project Services (Pvt) Limited and CallTell (Pvt) Limited. The move is intended to prepare for the challenges of deregulation of the telecommunication sector in the country.
