The Sindh High Court (SHC) has ordered sale of 95020 tons of sugar that was pledged with Soneri Bank by Dewan Sugar Limited. The order was passed on the application of Soneri Bank Limited.
It may be noted that while high prices of sugar caused by its shortage has become a central issue at national level, the government, in order to address this problem, has decided to import 100,000 tons of sugar, which would cost Rs 65 per kg to ordinary consumers because of shipping freight, etc.
The quantity of sugar that SHC has ordered to be sold is almost equal to the amount that the government wants to import to address the problem of the shortfall. Sale of this sugar may help avoid import of the commodity. Soneri Bank has filed a case for recovery of Rs 213 million against Dewan Sugar and has also requested the court to conduct, under its supervision, the sale of all the sugar over which the bank is holding as pledge. After hearing both parties, Justice Maqbool Baqar ordered the sale of all 9502 metric tons (95020 tons) of pledged sugar. Soneri Bank was represented by M/s Ahmed and Qazi Associates.
The SHC has directed that the copies of the court order to be sent to the Deputy Collector Regional Tax Office (Sale Tax Wing), Food Department, Food and Agriculture Department and the Trading Corporation of Pakistan (TCP). The TCP has therefore been expressly given the option to purchase this sugar instead of importing it from abroad.
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