K-Electric wins injunction in Cayman against Pakistan case

MG News | August 21, 2023 at 11:40 AM GMT+05:00

0:00

August 21, 2023 (MLN): IGCF SPV 21 Limited, an indirect shareholder of K-Electric Limited (PSX: KEL), has reported the issuance of a judgment and interim injunctive order by the Grand Court of the Cayman Islands, KEL’s filing on the PSX showed today.

This is further to the disclosure on October 26, 2022.

This comes as a result of an action brought forth by IGCF SPV 21 against Al-Jomaih Power Limited and Denham Investment Ltd., the "Other Shareholders," citing breaches of a Shareholders' Agreement that dates back to October 15, 2008.

The Cayman Islands court's order entails a directive for the Other Shareholders to immediately terminate or cease the proceedings initiated in the High Court of Sindh in Karachi, Pakistan, on October 21, 2022.

The recent order has been issued under the context of the legal case numbered FSD 269 of 2022 (NSJ) in the Grand Court of the Cayman Islands' Financial Services Division.

The case involves IGCF SPV 21 Limited as the applicant/plaintiff and Al Jomaih Power Limited and Denham Investment Ltd. as the respondents/defendants.

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