KE exits Al Jomaih Power lawsuit
K-Electric is no longer part of the Al Jomaih Power lawsuit, but remains restricted from changing its board composition due to SECP directives and court stays.Summary
K-Electric (KE) Limited has announced its withdrawal from a lawsuit brought by Al Jomaih Power Limited and other plaintiffs, which has been dismissed by a Karachi court. Despite this legal victory, KE is still unable to hold board elections. This is due to a continuing court stay affecting the National Electric Power Regulatory Authority (NEPRA), the SECP, and the Power Division, as well as a directive from the Securities and Exchange Commission of Pakistan (SECP) issued on November 8, 2022, prohibiting any changes to the board’s composition. The SECP directive, issued under Section 125 of the Securities Act, 2015, stemmed from concerns regarding indirect ownership changes and the acquisition of controlling interests by Sage Venture Group. Legal experts indicate that KE remains subject to a separate, similar case that also bars changes to the board. Consequently, board elections at KE are not expected in the near future.
(Source：The Express Tribune)