The Islamabad High Court (IHC) has granted approval for the merger between Telenor Pakistan (Private) Limited and Pakistan Telecom Mobile Limited (PTML), the company operating Ufone. This decision allows the transfer of all assets, rights, and liabilities from Telenor Pakistan to PTML.
Justice Khadim Hussain Soomro authorized the merger petition and issued a formal written order confirming that all properties, assets, rights, and obligations held by Telenor Pakistan will be transferred to PTML as per the approved merger scheme.
The court’s ruling specifies that following the completion of the merger process, Telenor Pakistan will cease to exist as an independent legal entity. Meanwhile, the IHC has instructed the petitioner to provide a certified copy of the court order to the Registrar of the Securities and Exchange Commission of Pakistan (SECP), which will take the necessary legal steps to implement the merger.
Furthermore, the court directed both companies to ensure immediate adherence to all relevant legal, regulatory, and financial requirements essential for executing the merger.
In its detailed order, the court clarified that its involvement in merger cases is confined to verifying compliance with legal standards. Upon reviewing the merger scheme and associated documents, the court concluded that the merger satisfies the provisions outlined in the Companies Act, 2017.
Notably, the court emphasized that the proposed merger is fair, lawful, and not contrary to public interest. Consequently, the scheme was approved under the applicable sections of the Companies Act, 2017.
