The board of directors of Hascol Petroleum Limited (HPL) has approved a scheme of arrangement that will restructure its debt once it has been approved by the company’s secured creditors and members. The modified scheme was prepared under Sections 279 to 282 and 285 of the Companies Act, 2017, and incorporates feedback from HPL’s creditors. The scheme of arrangement will be submitted to the High Court of Sindh at Karachi once it has been approved. HPL filed for the scheme so that it can restructure its debts through the court system. Last year, the Federal Investigation Agency arrested HPL’s founder, Mumtaz Hasan, as part of the investigation into an alleged Rs54bn scam involving the National Bank of Pakistan and HPL. Hasan will remain in judicial custody after a Special Banking Court rejected his interim bail application in February. Dozens of officials from other petroleum companies were also placed in judicial custody for their alleged involvement in the scam.
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