Tri Star Power vs Aykut Calikusu: SHC orders status quo in legal battle for control of company

April 10, 2023 (MLN): The Sindh High Court (SHC) has passed a Status Quo Order in respect of the management of Tri Star Power, a company that has been at the center of a legal battle against an Acquirer, Aykut Calikusu.

To note, Suit No. 494 of 2023 was filed by Tri Star Power on April 5, 2023, seeking a declaration and permanent Injunction against Aykut Calikusu and others who were allegedly illegally accumulating shares of the company.

Tri Star Power had accused Aykut Calikusu of circumventing the Securities Act 2015 and the Listed Companies (Substantial Acquisition & Takeover) Regulations 2017 while partaking in artificial share price manipulation, which had led to an abnormal increase in the share price of the Company.

The acquirer had expressed an intention to take over more than 51% shares and control of the company.

The Suit along with its Injunction Application was heard on April 6, 2023, by the SHC which has now passed a Status Quo Order in respect of the management of Tri Star Power. 

The legal battle between Tri Star Power and Aykut Calikusu has garnered significant attention at the local bourse, with many investors and stakeholders closely monitoring the developments.

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