LAHORE, May 16: A scheme has been proposed for the revival and rehabilitation of the defunct Taj Company and to recover the loss to the affected people by an association.

The scheme would be presented before the affected people during a meeting to be called after getting approval of the date and time from the Lahore High Court.

The court had already agreed in principle to the scheme, Anjuman Behbood-i-Mutasreen Taj Company president Muhammad Sadiq Malik said in a statement here on Thursday.

He said that shares would be issued to the affected people against their defaulted amount, each of which would be of Rs10 denomination.

Share holders would elect a board of directors within three months according to memorandum and articles of association.

The company would be transferred to the directors for running affairs and making it a profitable organization, Mr Malik said. Every year profit would be announced on shares.

“The scheme will help to protect them against loss, as the available assets of the company are much less than the defaulted amount of the affected people,” he said.

He urged the affected people to support the scheme and offer suggestions for further improvement in it, at the office of the association, at Street No 42, H Block, Bostan Colony, Mustafabad, Lahore, or contact on telephone numbers 042-6810077 and 042-5760008.—APP