LAHORE: The Lahore High Court on Tuesday allowed a petition by Ramzan Sugar Mills from the Sharif family to oppose the enhanced registration by the Pakistan Security Exchange Commission (SECP). Judge Ayesha A. Malik had ordered her decision on the petition last week which she announced Tuesday. The factory administrator through his advisor Salman Aslam Butt filed in court that all his assets had been frozen after the reference was made by NAB. He said he asked SECP to register the cost increase as required in the Companies Act 2013. However, legal counsel said the Commission refused to register shares due to NAB references while waiting for the sugar factory. He said SECP asked the factory to provide NOC by NAB. Counselors argued that NAB had previously sent a letter to SECP about a “caution sign” on the sale and purchase of factory shares only. He said no NOC from the Bureau was needed for the purpose because this problem was not related to the sale / purchase of shares.
He asked the court to order the SECP to register the factory’s allegations so that it could get its assets pledged for a bank loan. Opposing the petition, NAB prosecutor Asim Mumtaz said the pending investigation was not related to the company (factory) but its shareholders. However, he opposed the petition and said that the sugar factory could not utilize the facility during the case design. The judge allowed the petition and directed the SECP to register the petitioner’s / factory’s allegations.
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