20000114

Ittefaq Foundries liquidation case hearing put off

Recorder Report

Lahore: Mr. Justice Malik Mohamamd Qayyum of the Lahore High Court adjourned till January 20 the proceedings in a petition filed by the National Bank of Pakistan for liquidation of Ittefaq Foundries, owned by the family of deposed prime minister Nawaz Sharif, as the respondents failed to file their reply to the petition.

The bank, during the course of the proceedings, had suggested that if the respondents were willing then they could withdraw their shares in favour of the bank against their liabilities.

The Sharif family had shown willingness to withdraw their shares as per the bank suggestion, but the other families of the Sharif clan did not file their reply to the petition except for Javed Shafi, a cousin of Nawaz Sharif.

Javed Shafi, through his counsel Ali Sabtain Fazli, contended that the suggestion of the petitioner bank was not acceptable as it was neither in accordance with the company laws nor the wishes of the other shareholders of the foundries.

He said that the Sharif family had enjoyed the business for a long time and now, when they felt they could not continue their interference in the foundries, they showed their willingness to accept the bank's proposal.

He said that it would only be practicable when all the families concerned show their willingness to do so.