Islamabad High Court approves Telenor's merger with Ufone

The Islamabad High Court has approved the merger of Telenor Pakistan Private Limited with Pak Telecom Mobile Limited (Ufone).

Justice Khadim Hussain Soomro, while issuing the decision approving the application, declared that all assets, properties, rights and liabilities of Telenor Pakistan will be transferred to Pak Telecom Mobile Limited, while Telenor Pakistan Private Limited will be deemed to be dissolved without any further action.

The court directed that the petitioner submit a certified copy of the decision to the Registrar SECP and the Registrar take necessary steps as per the law to implement the scheme.

The court further directed that the petitioner ensure compliance with all legal, regulatory and financial requirements related to the implementation of the scheme.

The decision stated that an application was filed to merge Telenor with all assets and liabilities into Pak Telecom Mobile Limited.

The court ruled that the power of the court in this scheme of management is of a supervisory nature and it is to see whether the legal requirements have been fulfilled or not.

After reviewing the record and the scheme, the court expressed satisfaction over the proposed merger and declared that all the relevant conditions of the Companies Act 2017 have been fulfilled, the scheme is not against the public interest but is fair and legal, therefore, the scheme is approved under the relevant provisions of the Companies Act 2017.