Q: Please advise in the following matter. 

Preamble:

1. Zaid, Amr and Khalid are equal partners in COMPANY A i.e. each one is a shareholder of 1/3 of COMPANY A.

2. Zaid and Amr are partners in COMPANY B. Zaid owns 75% and Amr 25%

3. Both companies have their own assets and liabilities including debtors and creditors

4. Zaid, Amr and Khalid have agreed to merge COMPANY A and B.

5. The agreement has been that in the new merged company “COMPANY AB” the shareholdings will be as follows:

a) Khalid 10%
b) Amr 27%
c) The balance of 63% will be owned by Zaid

6. When the merger takes place, then Zaid, the majority shareholder, wants to simultaneously sell 30% of his portion to his three sons in equal proportions for a nominal sum (R100 per 10%). Thus, each of his three sons will also own 10% each of COMPANY AB. Consequently, Zaid will only own 33% of COMPANY AB.

Questions:

1. What is the correct procedure to give effect to the merger, keeping in mind that both are major running companies?

2. How does Zaid sell off his shares to his sons and incorporate them into COMPANY AB?

3. How will the creditors and debtors be handled in both instances: (a) In merging COMPANY A and COMPANY B. (b) When Zaid sells off 10% each to three sons for a nominal value of R100 per share?

4. If, at the time of entering into the partnership, the condition was made that a partner should accept liability of a certain portion of the previous companies’ debts together with his capital investment, will this be permissible in Shari’ah?

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Q: 

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