LAHORE, June 13: The Supreme Court on Friday vacated the stay granted against the liquidation of Taj Company as its owners withdrew their appeals challenging the liquidation orders.

The full bench comprising Justice Khalilur Rehman Ramday, Falak Sher and Karamat Nazir Bhandari refused to extend the stay against the liquidation after which the petitioners withdrew their appeals. These appeals were dismissed as withdrawn by the court.

Lahore High Court former judge Malik Muhammad Qayyum had ordered the liquidation of Taj Company on the petition of Securities Exchange Commission (formerly known as Corporate Law Authority at the time of filing petition in 1990). The SEC had approached the court for the liquidation of Taj Company arguing that latter owned liabilities in excess of Rs2.55 billion against the assets of Rs400 million only and it was not in a position to pay off its liabilities on its own.

Justice Qayyum had allowed the petition and appointed three liquidators — Chaudhry Saeed, Khwaja Saeed and Shaukat Ali Mehr — to supervise the liquidation process. Later, the Taj Company’s owners moved the SC against these orders and the court issued stay order which was finally reversed.