Park View Enclave files suit against Silkbank-UBL merger proposal

MG News | December 26, 2024 at 04:15 PM GMT+05:00

0:00

December 26, 2024 (MLN): Park View Enclave (Private) Limited has filed a suit in the Sindh High Court at Karachi against Shaukat Fayaz Tarin and other individuals, according to the company's statement issued today.

The suit concerns the proposed amalgamation of Silkbank Limited (PSX: SILK) with United Bank Limited (PSX: UBL).

The suit concerns the amalgamation scheme that is expected to be approved by the State Bank of Pakistan under Section 48 of the Banking Companies Ordinance, 1962.

UBL has been included as Defendant No. 17 in the lawsuit.

The legal proceedings are part of ongoing efforts to resolve the issues related to the merger of the two banks.

The Sindh High Court issued an order in this regard.

UBL shall keep the Exchange informed of any material developments.

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