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Karachi, K-Electric Limited, in accordance with the Securities Act, 2015 and Clause 5.6.2 of the Rule Book of Pakistan Stock Exchange Limited, has provided an important update regarding a legal matter involving one of its shareholders.
In a disclosure made by K-Electric Limited, the company reported that it has received information from IGCF SPV 21 Limited, an indirect shareholder of K-Electric, regarding a significant legal development. According to the update, the Grand Court of Cayman Islands has issued a judgment and interim injunctive order in connection with an action filed by IGCF SPV 21 against Al-Jomaih Power Limited and Denham Investment Ltd., referred to as “Other Shareholders.”
The legal action pertains to a breach of a Shareholders’ Agreement dated 15 October 2008, which has undergone amendments over time. The judgment and order from the Grand Court of Cayman Islands have directed the Other Shareholders to take specific actions in response to the legal dispute.
The Other Shareholders have been instructed by the court to promptly terminate or discontinue the proceedings initiated in the High Court of Sindh at Karachi, Pakistan, on 21 October 2022. Additionally, the court has directed the Other Shareholders to initiate measures to have the interim order issued by the High Court of Sindh on the same date set aside.
This development sheds light on the ongoing legal complexities surrounding the Shareholders’ Agreement and the efforts to address alleged breaches. K-Electric Limited, being a key player in the energy sector, is closely following the legal proceedings and working to ensure transparency and compliance in its operations.
Stakeholders and investors of K-Electric Limited are anticipated to monitor the outcome of this legal dispute, as its resolution could have implications on the company’s future operations and shareholder relations. The disclosure underscores the importance of adhering to legal agreements and the regulatory framework within which companies operate.
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