Parties in the ongoing dispute between PickMe's purported co-founder and former Head of Operations Fathhi Mohamed and its founder Hassen Jiffry Zulfer have managed to enter into an arrangement whereby allowing the PickMe IPO to proceed pending the ongoing litigation.

According to the proceedings of the case, the said matter had come up on 12 September 2024 before the Commercial High Court on a petition filed by Fathhi Mohamed to prevent the announced PickMe IPO from proceeding unless his promised shareholding was given to him or unless it was set aside.

Fathhi Mohamed alleged that Defendants Hassen Jiffry Zulfer and Digital Mobility Solutions Lanka Limited the company behind the popular ride-hailing platform PickMe were proceeding with the IPO in complete mala fides whilst previously having obtained time till 18 September 2024 to file Objections against a pending interim injunction inquiry sought to prevent the PickMe IPO from proceeding.

However, when the matter came up today an undertaking was given by the Defendant to Court that shares amounting to 2% of the company belonging to Hassen Jiffry Zulfer would be set aside until the conclusion of the pending interim injunction inquiry and on that basis the IPO could be proceeded with.

President’s Counsel Eraj de Silva appeared with Daminda Wijayaratne, and Sanjana Mapatuna for Fathhi Mohamed whilst President’s Counsel Faizer Mustapha appeared for the Defendants Hassen Jiffry Zulfer and Digital Mobility Solutions Lanka Limited.