Lahore High Court (LHC) has issued notice to Privatisation Commission (PC) and others in a petition filed by the family of C. M. Latif, the former owner of Peco, challenging the sale of shares of Peco by NIT and ICP. The petitioner's counsel Syed Mansoor Ali Shah contended before the court that the impugned sale by NIT and ICP amounts to playing fraud on the statute.
It was contended that the private purchasers are unknown and not coming forward as the entire transaction smacks of mala fide and collusion. It was prayed to the court that the impugned sale of shares be declared unlawful and with mala fide intention.
The court, after hearing the petitioner's counsel at length, issued notices to the respondents and rose for the day.