Karachi May 8 2023: Court allowed JS Bank to proceed with acquisition of Bank Islami Pakistan Limited according to the orders of Division Bench of High Court.
Reference is made to public disclosure on 11 March 7, 2023, where it was stated that an interim injunction was granted by the honorable High Court of Sindh against tile proposed acquisition by JSBL of majority shares and control of Bank Islami Pakistan Limited ("BIPL") on the application of Plaintiffs namely (i) Muhammad Ayub Tareen, (ii) Mohsin Balaghamwala, (iii) Asif Mannan, and (iv) AKD Investment Management Limited.
Subsequently, it was disclosed on March 15, 2023 that, based on an appeal dated March 14, 2023, the Honorable High Court of Sindh has modified the temporary injection and has allowed the Bank to carry out the process of the proposed acquisition of majority shares and control of BIPL subject to the outcome of the appeal.
Now, 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 injection was granted before learned Single Judge. 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.
Hence, the stay order passed by the learned Single Judge 11 March 06, 2023, in Suit No 318 of 2023 restraining the process of acquisition of BIPL by the Bank is no longer in the field. As per the order of the Division Bench of High Court, 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 Honorable Judge in the pending suit.