On the application of Mybank Limited, the Sindh High Court has restrained First Dawood Investment Bank Limited (FDIBL) from disposing off its substantial assets worth of million of rupees which are mentioned in its audited balance sheet of the year 2008-09.
The FDIBL had issued a bank guarantee of Rs 200 million in favour of Mybank Limited to secure the liabilities of Dewan Sugar Mills. On the default of Dewan Sugar, Mybank invoked the guarantee of FDIBL but FDIBL also defaulted to pay the guaranteed amount to Mybank upon which Mybank filed a case in the Sindh High Court against FDIBL. The Mybank was represented in the court by M/s Ahmed & Qazi, Advocates.
The Sindh High Court restrained the defendant bank from disposing off its substantial assets including 32,198,285 shares in Dawood Islamic Bank, 4,492,125 shares in Dawood Capital Management, 44,762,100 shares in B.R.R Investment and properties and equipment amounting to Rs 85,681,310.