Karachi court dismisses shareholder suit against K-Electric after withdrawal

K-Electric Limited has informed regulators that a civil suit filed against the company by Al Jomaih Power Limited has been dismissed as withdrawn by a Karachi court.

In a notice submitted to the Pakistan Stock Exchange and the Securities and Exchange Commission of Pakistan, the company said the order was passed on January 23, 2026, by the Xth Senior Civil Judge, Karachi South.

According to the disclosure, the plaintiff sought withdrawal of its claims against certain defendants after related proceedings were decided by the Grand Court of the Cayman Islands. The Cayman court had issued directions requiring withdrawal of the case on jurisdictional grounds, which were subsequently upheld after appeals filed by the plaintiff were dismissed, including a petition before the Judicial Committee of the Privy Council in December 2025.

The Karachi court allowed the withdrawal application and dismissed the suit as withdrawn against the relevant defendants, while also declaring all pending applications filed by those defendants as infructuous. K-Electric was among the parties named in the suit.

The company said the disclosure was being made in compliance with applicable securities laws and stock exchange regulations.

The court development comes against the backdrop of an ongoing dispute among shareholders of KES Power, the majority owner of K-Electric. Earlier, Al Jomaih Power Limited had raised concerns regarding actions taken within the shareholder structure, with related legal proceedings underway in multiple jurisdictions.

K-Electric’s latest filing relates solely to the withdrawal and dismissal of the specific civil suit and does not address other proceedings involving shareholders of its parent company.