Lahore High Court (LHC) on Wednesday adjourned further proceedings of Ittefaq Groups' assets sales case for November 10. The parties discussed the terms of sales for the units on Wednesday and an improved formula was presented to the court for new local and international bids of Ittefaq Group units.
Ashtar Ausaf Ali, Anam Saleem and other lawyers of the applicants presented the draft of advertisement for terms and conditions.
Four units including Ittefaq Foundry, Brothers Steel at Kot Lakhpat, the Ittefaq Brothers at Shahdara and the Ilyas Enterprises on Bund Road were sold to Al-Rehmat Group of Companies, which purchased the steel units for Rs 2.15 billion. The applicants opposing the sale had submitted that the units could fetch a higher price if they were sold through proper procedure.
52 cross applications were filed by National Bank of Pakistan, Ilyas Meraj, Farooq Barkat, The Bank of Punjab and others.
National Bank had moved an application for the execution of a deal of four units of Ittefaq Group of former prime minister Nawaz Sharif, sold to Al-Rehmat Group of Faisalabad.
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