IGCF SPV 21 Limited - Al Jomaih Power Limited and Denham Investment Ltd - The Grand Court of the Cayman Islands, Financial Services Division Cause No FSD 0269 OF 2022 (NSJ) - Judgment - 20 July 2023
Country
Year
2023
Summary
Exclusive jurisdiction clause in a shareholders agreement governed by English law with respect to a Cayman company (A) stipulating that disputes arising out of or in connection with the agreement be litigated in Cayman or London - X, Y and Z own the shares in A - A owns a majority stake in a company incorporated in Pakistan (B) - B is a regulated utility company in Pakistan and the other shares in B are owned by the Government of Pakistan - the shareholders of B are subject to the terms of a sale and purchase agreement governed by Pakistan law - the sole voting share in X and interests in other shareholders of X were transferred and X sought to exercise its rights under the shareholders agreement to require A to appoint new directors to the board of B - Y and Z opposed such an appointment and commenced proceedings in Pakistan against X, A and B and the Government of Pakistan and the Pakistan regulatory authorities seeking orders against X and the Pakistan authorities - Y and Z also obtained an interim injunction against X - X claimed that the commencement of the proceedings in Pakistan were in breach of the exclusive jurisdiction clause and applied for a permanent injunction restraining X and Y from continuing with those proceedings.