Sindh High Court halts BELA takeover amid shareholder dispute

 July 04, 2025 (MLN): The Sindh High Court (SHC) has ordered all parties to maintain the current status quo in a legal dispute involving BELA Automotives Limited and one of its shareholders, pending further proceedings.

In an interim order dated July 2, 2025, issued under JCM No. 28 of 2025, the Court noted a claim by shareholder Shaikh Muhammad Ayaz Allahwala, who holds 10% of the company’s shares.

He alleged that Aamir Noman is attempting a hostile takeover of BELA Automotives through irregular acquisition of control, reportedly below market value and without fulfilling statutory prerequisites.

The petition further alleges that Noman, acting via Adam Securities Limited, named as Manager to the Offer (MTO), holds conflicting commercial interests and creditor status, raising concerns about fiduciary compliance.

The Securities and Exchange Commission of Pakistan (SECP), also named in the suit, has been directed to submit a report on the allegations by the next hearing date, set for July 16, 2025.

Adam Securities, in its disclosure to the Pakistan Stock Exchange and SECP, confirmed receipt of the interim court order and pledged to provide updates as developments unfold.

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