KARACHI, Pakistan : Minority shareholders in an offshore holding company that owns most of Pakistani utility K-Electric have been ordered to withdraw their petition in a Pakistani court that blocked main shareholder IGCF from joining the board, IGCF said on Friday.
According to a court document provided by IGCF, The Grand Court of the Cayman Islands ordered the minority shareholders to"terminate" or discontinue their proceedings in the High Court of Sindh against the majority shareholder, which prevented IGCF from appointing its nominees to KE's board of directors.
"We trust that this order will clear any doubts that had been created by the SHC stay order as to the rights of IGCF to appoint their nominees to KE's Board. And for all stakeholders to focus on delivering affordable and reliable electricity to Karachi," IGCF said in a statement
Source: News Formal (newsformal.com)
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