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News | invest.pk

JS Group stopped from acquiring BankIslami

March 07, 2023

The Sindh High Court on Monday restrained the JS Group from acquiring majority shares of BankIslami till next hearing. A single-judge bench headed by Justice Mohammad Shafi Siddiqui also issued notices to JS Bank, Jahangir Siddiqui & Company Ltd, State Bank of Pakistan, BankIslami and other defendants for a date to be fixed in two weeks. The AKD Investment Management Ltd along with three individuals filed a lawsuit and submitted that they were shareholders of BankIslami. The bench in its order noted that the counsel for plaintiffs Basil Nabi Malik has taken it to the prudential regulations and the requirements before acquiring shares of a bank and placed the same on record.