Court Suspends Notices for Fresh Board Elections at Pakistan Services Ltd

The Islamabad High Court has suspended all notices issued by Thatta Cement Company Limited to Pakistan Services Limited (PSL) regarding the holding of fresh elections for PSL’s board of directors, following a legal challenge by shareholders. According to a material information notice sent to the Pakistan Stock Exchange, the court’s order, dated November 28, 2025, also suspends PSL’s own board decision to convene an Extraordinary General Meeting (EOGM) on January 6, 2026, for the election of new directors. The suspension will remain in effect until further orders from the court. The legal dispute centers on allegations by petitioners, including Murtaza Hashwani and others, who claim that a 27.95% shareholding in PSL was illegally and fraudulently transferred to other parties just days after a Share Registration Agreement (SRA) was signed. The petitioners have called for the reversal of these share transfers, a prohibition on further transfers or interference in PSL’s management, and penal action against the parties involved. The court has issued notices to all respondents, directing them to submit their responses within two weeks. The next hearing is scheduled for December 23, 2025. In the meantime, the court has restrained the respondents from transferring, assigning, selling, or disposing of 56% of PSL shares to any third party, except the petitioners, and from interfering in the company’s management. PSL, which operates the Pearl-Continental Hotels chain, has informed shareholders that it will provide updates on any further developments regarding the board elections as the legal proceedings continue.