Sindh High Court Stops JS Group from Acquiring BankIslami

Sindh High Court has stopped JS Group from acquiring majority shares of BankIslami till the next hearing.

The AKD Investment Management Limited and three individuals filed a lawsuit claiming to be shareholders of BankIslami, reported a national daily.

The court noted in its order that the counsel for the plaintiffs, Basil Nabi Malik, had taken it to the prudential regulations and the requirements before acquiring bank shares and recorded the same.

A single-judge bench led by Justice Mohammad Shafi Siddiqui summoned JS Bank, Jahangir Siddiqui & Company Limited, State Bank of Pakistan (SBP), BankIslami, and other defendants for a hearing in two weeks.

This comes after JS Bank through a filing at Pakistan Stock Exchange announced to acquire shares in BankIslami through a shares swap agreement with JS Global Limited and JS Investments Limited.

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