Park View Enclave (Private) Limited has filed a lawsuit in the Sindh High Court, Karachi against Shaukat Faiz Tareen and others, challenging the proposed merger of Silkbank Limited with United Bank Limited (UBL). The merger is taking place under a scheme approved by the State Bank of Pakistan in accordance with Section 48 of the Banking Companies Act, 1962.
UBL has also been named as the 17th defendant in the case.
The Sindh High Court issued an order in this regard on December 18, 2024.
The proposed merger between Silk Bank Limited and United Bank Limited has been under scrutiny, with the State Bank of Pakistan overseeing the process. This lawsuit adds a new layer of complexity to the deal.
The Pakistan Stock Exchange has been notified of the developments, and stakeholders are closely monitoring the situation for further updates.