Telenor ‘absorbed’ into Ufone, says IHC

The Islamabad High Court has approved the transfer of Telenor Pakistan’s assets, properties, rights and liabilities to Pak Telecom Mobile Limited, the parent company of Ufone, effectively clearing the way for the telecom operator to be treated as dissolved without a winding-up process.

In a detailed order issued on Tuesday, the court said the amalgamation scheme had already received unanimous approval from the secured creditors and members of both companies in separate meetings held on June 5. The bench found that the interests of creditors had been protected and that the legal requirements under the Companies Act, 2017, had been met.

The ruling follows the formal amalgamation of Telenor Pakistan into PTML earlier this month, after the court granted final statutory approval. According to the order, the court examined reports submitted by the chairmen of the relevant meetings as well as no-objection certificates from creditors, including a consortium led by the International Finance Corporation.

Justice Soomro said the court’s role in such corporate restructuring matters is supervisory rather than commercial, meaning it is not meant to replace the judgment of shareholders on business decisions. After reviewing the material before it, the court concluded that the scheme was fair, lawful and not against the public interest.

The decision means Telenor Pakistan’s corporate identity will be absorbed into PTML, with all associated assets and obligations moving to the Ufone parent company under the approved scheme. The court said the statutory process had been followed and the financial interests of creditors were adequately safeguarded.

This report is based on a monitored public feed and is attributed to Dawn Tech. Source: Dawn Tech - https://www.dawn.com/news/2015517/telenor-absorbed-into-ufone-says-ihc