Karachi March 13 2023: Hascol inform that “Further to our earlier disclosures with respect to the meeting of the secured creditors held on 22 December 2022, company is pleased to inform that the Board of Directors at its meeting held on 13 March 2023 has approved a modified / updated draft Scheme of Arrangement prepared under Sections 279 to 282 and 285 of the Companies Act, 2017 (the “Modified Scheme”).
The draft encapsulates certain amendments / suggestions proposed by the secured creditors of the Company.
The Modified Scheme will be presented to the secured creditors for the requisite approval, followed by the members of the Company, after which the same shall be filed / submitted to the High Court of Sindh at Karachi for necessary steps (or as otherwise advised by the
Company’s legal counsel).
The Modified Scheme will be circulated to the PSX and members in due course in accordance with the
applicable laws.
