The Divisional Bench of the Sindh High Court (SHC) has directed JS Bank Limited (PSX: JSBL) to argue afresh the application under which the interim injunction was granted regarding the acquisition of BankIslami Pakistan Limited (BIPL), the bank informed Pakistan Stock Exchange on Monday.
“The Divisional Bench of the honorable High Court of Sindh vide its order dated May 05, 2023, has directed to argue afresh the application under which the interim injunction was granted before learned Single Judge,” the stock filing stated.
The filing added, “It was further clarified that the said application would be argued in presence of the counsel representing the Defendants of the Suit 318 of 2023. Therefore, the status prior to deciding of the said application would operate till the learned Single Judge decides the said application”.
The filing said the Stay Order passed by the apex Sindh court on March 06, 2023, in consideration of the suit mentioned above is no longer in the field. The status prior to deciding the application is restored when the process of acquisition of shares of BIPL by JS Bank was proceeding. “Accordingly, it can continue to proceed as before grant of stay order and will remain so till any other decision by the Honourable Judge in the pending suit,” it read.
This comes in extension to developments dated March 7, 2023 where an interim injunction was granted by SHC against the proposed acquisition by ISBL of majority shares and control of BIPL on the application of Plaintiffs namely (i) Muhammad Ayub Tareen, (ii) Mohsin Balaghantwala, Asif Mannar, and (iv) AKD Investment Management Limited.
Subsequently, it was disclosed on March 15, 2023, that SHC had modified the temporary injunction and allowed the Bank to carry on the process of the proposed acquisition of majority shares and control of BIPL.
It is pertinent to mention here that JS Bank on March 6 announced its decision to acquire shares in BankIslami through a shares swap agreement with JS Global Limited and JS Investments Limited. However, later on, the bank announced the offering of cash consideration to the minority shareholders of BIPL.
Source: Pro Pakistani