The Sindh High Court (SHC) has approved a petition for the merger of the University of Oxford’s Chancellor Master’s and Scholars with the Oxford University Press (OUP) Pakistan.
The transfer scheme encompasses the complete business, operations, and operations of the OUP Pakistan Branch, as well as the property, assets, rights, liabilities, and responsibilities indicated in the scheme.
As per the SHC, OUP Pakistan is a fully owned subsidiary of Oxford Publishing Limited, which is a wholly-owned subsidiary of the University of Oxford. As a result, OUP Pakistan qualified for the exemptions listed in the Competition (Merger Control) Rules 2016, and no pre-merger permission was required.
According to the bench of the SHC presided over by Judge Shafi Siddiqui, the resolution that authorized and implemented the plan of arrangement was made by the only member of the Oxford University Press, in accordance with the Companies Act 2017.
The court also noted that the creditors’ share had been protected and that the arrangement ensured that the creditors’ rights and security would not be harmed or reduced. Furthermore, the plan provides employment opportunities to all employees and secures the retention of individuals working at the Oxford University Pakistan Branch.
The SHC further noted that all financial and pertinent information had been disclosed, including the petitioners’ most recent audited and unaudited accounts, and that no inquiry procedures were underway, including Securities and Exchange Commission of Pakistan (SECP).
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