The Sindh High Court (SHC) has allowed JS Bank Limited (PSX: JSBL) to carry on the process of the proposed acquisition of majority shares and control of BankIslami Pakistan Limited (PSX: BIPL) subject to the outcome of the appeal.
This decision comes after an interim injunction was granted against the acquisition on March 7, 2023, on the application of plaintiffs Muhammad Ayub Tareen, Mohsin Balaghanwala, Asif Mannan, and AKD Investment Management Limited.
However, on March 14, 2023, the SHC modified the temporary injunction based on appeal filed by the bank against the injunction and allowed the acquisition process to continue, subject to the outcome of the appeal, JS Bank said in a stock filing on Wednesday.
It is pertinent to mention here that JS Bank decided to acquire shares in BankIslami through a shares swap agreement with JS Global Limited and JS Investments Limited.
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