Islamabad (HRNW): The Islamabad High Court has approved the merger of Telenor Pakistan Private Limited with Pakistan Telecom Mobile Limited (Ufone).
Justice Khadim Hussain Soomro issued the decision while approving the petition and ruled that all assets, properties, rights, and liabilities of Telenor Pakistan will be transferred to Pakistan Telecom Mobile Limited, while Telenor Pakistan Private Limited will be considered dissolved without requiring any further proceedings.
The court directed the petitioners to submit a certified copy of the judgment to the Registrar of the Securities and Exchange Commission of Pakistan (SECP), and instructed the registrar to take necessary steps for implementation of the scheme in accordance with the law.
The court further directed the petitioners to ensure compliance with all legal, regulatory, and financial requirements related to the implementation of the merger scheme.
The judgment stated that an application was filed seeking approval for the merger of Telenor Pakistan, including all its assets and liabilities, into Pakistan Telecom Mobile Limited.
The court observed that its role in such corporate restructuring matters is supervisory in nature, and the court’s responsibility is to examine whether all legal requirements have been fulfilled.
After reviewing the record and the proposed merger scheme, the court expressed satisfaction that all relevant requirements under the Companies Act, 2017 had been met.
The court ruled that the merger scheme was neither against public interest nor unfair, but was lawful and equitable. Therefore, the merger was approved under the relevant provisions of the Companies Act, 2017.
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Disclaimer
This report is based on the court’s judgment and available information. Further details regarding the practical implementation of the merger may be issued by the relevant authorities. HRNW remains committed to impartial, accurate, and responsible journalism.
