Park View Enclave (Private) Limited has filed a lawsuit in the Sindh High Court, Karachi, against Shaukat Fayaz Tarin and others, contesting the proposed amalgamation of Silkbank Limited with United Bank Limited (UBL). The amalgamation is being pursued under a scheme sanctioned by the State Bank of Pakistan in accordance with Section 48 of the Banking Companies Ordinance, 1962.
UBL has also been named as Defendant No. 17 in the case.
The Sindh High Court passed an order on the matter on December 18, 2024.
The proposed merger between Silkbank 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 transaction.
The Pakistan Stock Exchange has been notified of the developments, and stakeholders are closely monitoring the situation for further updates.
