The Lahore High Court on Tuesday admitted for regular hearing a petition seeking winding up and liquidation of the Nation Publications (Private) Limited. The court, however, refused to grant any interim relief before hearing the respondents Chief Executive Nida-e-Millat, Majid Nizami and others.
The petitioner, Arif Nizami, has made the Nation Publications (Private) Limited, Majid Nizami, Ms Rameezah Majid daughter of Majid Nizami, Nida-e-Millat (Private) Limited, Majid Nizami Trust and the Securities and Exchange Commission of Pakistan (SECP) as respondents. The petitioner prayed to the court to appoint an official liquidator, receivers and local commission.
The petitioner also prayed to the court to restrain the respondent company from alienating any of its assets, operating any of its bank accounts, holding any meetings of the board of directors and passing any resolution or doing any act prejudicial to the petitioner as director and shareholder of the company. The court after hearing the petitioner's counsel at length admitted the petition for regular hearing.