SECP moves Supreme Court against BRR Guardian merger scheme

MG News | September 23, 2026 at 02:39 PM GMT+05:00

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September 23, 2026 (MLN): The Securities and Exchange Commission of Pakistan has filed an appeal with the Supreme Court, vide JCM No. 34 of 2024, against the Sindh High Court order that had approved the Scheme of Compromises/Arrangement and Reconstruction between B.R.R. Guardian Limited (PSX: BRRG) and BRR Financial Services (Private) Limited.

The appeal follows an earlier order dated May 12, 2026, in which the High Court of Sindh, Karachi had sanctioned the scheme after finding that all legal formalities and compliance requirements were duly fulfilled, with no serious objections raised against it.

SECP, represented at the time by Advocate Syed Hafiz Ebad-ur-Rehman, had noted that applicable regulatory compliance would be required following the merger's sanction, and the scheme was permitted subject to fulfillment of further legal requirements and formalities with relevant authorities.

The Supreme Court appeal now places the scheme's sanction under fresh legal scrutiny, adding uncertainty to the restructuring process between the two entities.

The aforementioned information was disseminated through a notification to Exchange.

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