January 23, 2007	Tuesday	Muharram 03, 1428

KARACHI, Jan 22: The Sindh High Court restrained the Bank Islami Pakistan Limited and the Modaraba Al Makatib from transferring their shares to M/s Jahangir Siddiqui and Company on Monday.

A judicial miscellaneous petition was moved by Al Baraka Group of Companies, registered at Isle of Man and London, claiming through Advocate Khalid Jawaid Khan that it has over 21 per cent shares in the Jahangir Siddiqui investment company.

The company recently held an extraordinary general meeting of its shareholders to acquire shares of Bank Islami and Modaraba Al Makatib.

It was legally obliged to disclose the interests of its directors and chief executive in the two concerns but no disclosure was made.

The petitioner maintained that the proceedings of the extraordinary meeting could be nullified under Section 160 (A) of the Companies Ordinance for the management’s failure to make the mandatory disclosure.

It sought an interim injunction against the transfer of shares.

Allowing the plea for an interim order, Justice Mushir Alam restrained the bank and the modaraba from creating third party interest in the meanwhile.