JS Bank Limited (JSBL) can proceed with the acquisition of BankIslami Pakistan Limited (BIPL) following a favorable ruling from the Divisional Bench of the High Court of Sindh. The court has asked to argue the application for the interim injunction afresh, restoring the status prior to deciding the application when the acquisition process was proceeding.
JSBL had been facing delays in the acquisition process of BIPL due to the stay order passed by the learned Single Judge on March 6, 2023. This ruling came after an interim injunction was granted on March 7, 2023, by the High Court of Sindh against the proposed acquisition by JSBL of majority shares and control of BIPL.
The injunction was granted on the application of the Plaintiffs, including Muhammad Ayub Tareen, Mohsin Balaghamwala, Asif Mannan, and AKD Investment Management Limited. With the recent development, the restraining process of acquisition of BIPL by JSBL is no longer in effect.
According to the notice issued by JSBL, “the acquisition can continue to proceed as before the grant of the stay order and will remain so until any other decision by the Honourable Judge in the pending suit.” This ruling is expected to enable JSBL to carry out the acquisition process of BIPL without further delay.