The management of Makro has announced that it will be closing down business at their store in Lines Area Karachi as per the honourable Supreme Court's order, on 19th March 2010 when the 90-day period given to it in the order ends, a statement of the Makro said.
The statement said that since the order was passed on 18th December 2009, the 90-day period given to Makro would end on 18th March 2010 and the management has decided to completely shut down its trade operations on the site in order to clear stocks and trade fixtures etc as the management of Makro has every intention to respect the decision of the honourable Supreme Court.
It said that the law provides for Makro to file a request for review within a month, which the management did and is hopeful of its hearing by the honourable court, before the 90-day period ends. Makro has also recently filed a request for urgent hearing of its review petition, it added. It further said the management of Makro has offered to the CDGK (who have been declared the lawful owner of the land in the SC order) to use the building (worth approximately Rs 800 million) built by Makro, for community use such as a community centre, etc as has been permitted in the SC order.
The Makro management informed that they have been approached by CDGK and are currently in consultation regarding this proposal, therefore, the building has not been dismantled.
The statement said that the management is hopeful that the honourable SC will give consideration to its review petition and its offer to develop a playground on the land made available by CDGK (in Lines Area) at a cost of approximately Rs 40 million while the management is abiding by the SC order even now. The statement said that even if the review petition remains pending, the management is whole-heartedly abiding by the Supreme Court's judgement and is preparing to close down its business operations by 19th March 2010 and hand-over the building to CDGK for some lawful use for the betterment of the community and the residents.-PR