A Division Bench of Supreme Court has accepted the agreement between the CEO and two major shareholders of the Rehmania Textile Mills, of Faisalabad, and thus allowed the disposal of litigation between them accordingly. The acceptance of the agreement was recorded by the Bench comprising Justice Faqir Muhammad Khokhar and Justice Tassadduq Hussain Jillani, and made known here on Saturday. However, the Court acknowledged the declaration of Habit Bank that the compromise between Abdur Rahman, Chief Executive of Rahmania Textile Mills, and two shareholders, Haji and Mrs Muhammad Aslam, would not effect the execution of a decree passed in its favour and will remain intact.
The Banking Judge of Lahore High Court had passed a decree against Rahmania Textile Mills for Rs 43. 607 million.
The agreement between the parties related to the sale of full share of Haji Aslam and his wife to Mian Abdur Rahman for Rs 2,936,850, of which the latter had already paid Rs 300,000 as earnest money.
The Rehmania Textile Mills and its Chief Officer also accepted the responsibility for the demands of Industrial Development Bank of Pakistan and also to "make good losses to Sheikh Muhammad Munir" who had personally guaranteed in a loan transaction between the IDBP and the Mills.
The disposal of the case by the Supreme Court also facilitates the withdrawal of the winding up proceedings against the mills.
The reference in the agreement to a "constant decree by LHC", the Supreme Court noted, allowed the mills to sell plots or villas on the surplus land for liquidation of loans. Sami Hayat and Abdul Ghafoor appeared for Rahmania Textile Mills while Arshad Ali Chaudhary represented Muhammad Munir and other respondents. Kh Muhammad Farooq made the declaration on behalf of Habit Bank.
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