Notices were issued to Attorney General of Pakistan, Securities and Exchange Commission of Pakistan (SECP), Mansha Group, MCB and other respondents for November 24 in a constitution petition challenging alleged illegal Takeover of Adamjee Insurance Company. Hameed Adamjee, Ashraf Adamjee and three other controlling shareholders of Adamjee family filed the petition.
The petitioners impugn alleged illegal transfer of controlling shares and take over by the new purchasers.
The matter came up before a division bench of Sindh High Court (SHC) comprising Justice Sarmad Jalal Osmany and Justice Amir Hani Muslim on Tuesday, which after hearing initial arguments by the counsel for petitioner while issuing notices to respondents also ordered Adamjee Insurance secretary to keep record of annual general meeting held on May 29 with him and not to part with the same.
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