FNEL wins legal battle against SECP over share repurchase
MG News | May 02, 2025 at 04:13 PM GMT+05:00
May 02, 2025 (MLN): First National Equities Limited (PSX: FNEL) has secured a legal victory as the Honorable High Court dismissed a petition filed by the Securities and Exchange Commission of Pakistan (SECP) concerning share repurchase obligations.
The petition, originally filed by SECP in January 2016 under Companies Jurisdiction, sought a court directive compelling FNEL to repurchase shares from minority shareholders.
However, after reviewing the company's submissions and supporting documentation, the court ruled the petition as infructuous and officially dismissed the case on April 29, 2025.
The decision brings closure to a legal matter that has spanned nearly a decade, providing clarity for FNEL and its shareholders.
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