August 24, 2023 (MLN): The Grand Court of the Cayman Islands has stayed its order that directed the shareholders of K-Electric Limited (PSX: KEL) to resolve their dispute in the Cayman Islands or England rather than in Pakistan. The stay order was issued pending a further hearing on October 10, 2023, KEL’s notified on the local bourse today.
Moreover, the Cayman Islands Court has ruled that any dispute between the Original Shareholders and SPV 21 should be settled in a court located in the Cayman Islands or England, rather than in the High Court of Sindh, Karachi.
It is important to highlight that the proceedings before the Grand Court of the Cayman Islands pertain solely to the jurisdiction where the underlying dispute should be heard.
The merits of the claims between the Original Shareholders and SPV 21 were not addressed in this context.
Meanwhile, the status quo remains in place for the Pakistan Proceedings. The High Court of Sindh's ad-interim order from October 21, 2022, which prevents changes to the Board of K-Electric, remains unchanged.
