JS Bank receives favorable ruling from Sindh High Court for acquisition of BIPL

May 08, 2023 (MLN): JS Bank Limited (PSX: JSBL) has received a favorable ruling from the Divisional Bench of the High Court of Sindh as the court has asked to argue the application for the interim injunction afresh, the bank's filing on Monday revealed. 

JSBL had been facing delays in the acquisition process of BankIslami Pakistan Limited (BIPL) due to the stay order passed by the learned Single Judge on March 06, 2023. 

As a result of recent development, restraining the process of acquisition of BIPL by the Bank is no longer in effect.

The court has restored the status prior to deciding the application when the process of acquisition was proceeding, as per the order of the Division Bench of the High Court. The acquisition can continue to proceed as before the grant of the stay order and will remain so until any other decision by the Honourable Judge in the pending suit.

"Accordingly, it can continue to proceed as before granting of the stay order and will remain so till any other decision by the Honourable Judge in the pending suit," the notice read. 

This ruling came after an interim injunction was granted on March 7, 2023, by the High Court of Sindh against the proposed acquisition by JSBL of majority shares and control of BIPL.

The injunction was granted on the application of the Plaintiffs, including Muhammad Ayub Tareen, Mohsin Balaghamwala, Asif Mannan, and AKD Investment Management Limited.

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