SHC recalls injunction order, allows Mr Lootah to inject fresh equity into SMBL

MG News | July 04, 2022 at 03:31 PM GMT+05:00

0:00

July 04, 2022 (MLN): Summit Bank Limited (SMBL) on Monday said that the Honourable Sindh High Court (SHC) has recalled the Injunction Order with directions that the fresh equity that is being injected by Nasser Abdulla Hussain Lootah shall be allowed, a notice sent to the bouse showed today.

the injunctive order was dated April 27, 2022.

The plaintiffs had filed the Suit for declaration, Injunction and damages against the defendants wherein one of the prayers was to declare the public announcement of intention (PAI) dated March 30, 2020, May 21, 2021 and Nov 17, 2021, to acquire more than 51% control of Summit Bank Limited (SMBL) by Mr. Lootah illegal and void.

Another prayer was to restrain Mr. Lootah and his agents to acquire further shares of SMBL.

To recall, on Nov 17, 2021, Topline (manager to the offer) had extended the time period by 90 days for making a public announcement of intention (PAI) on behalf of Nasser Abdulla Hussein Lootah to acquire more than 51% control of Summit Bank Limited (SMBL).

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