KARACHI, August 5: The Sindh High Court finally ordered on Friday sale of Sindh Alkalis, a public sector concern, shut down in the year 2000. No step was taken for the concern’s winding up till its employees, who are shareholders to the extent of 33 per cent, moved for liquidation to safeguard its assets and the interests of shareholders and creditors. The Sindh High Court ordered liquidation in 2004 and appointed its official assignee as the official liquidator.
The liquidator advertized the auction but it attracted only a few investors. The factory has 750 acres at Landhi attached to it but its ownership and lease are disputed. About 150 acres are claimed by the export processing zone. The provincial government denies having leased out the land.
The highest bid amounted to Rs 460.20 million. It was offered by Memon Abdul Kadir. The bid was, however, disputed by the second highest bidder, who said he was the first to offer Rs 460.15 million but Kadir was facilitated by the liquidator to improve his bid and match his offer. He approached the Supreme Court but it left the dispute to be decided by the SHC.
Justice Khilji Arif Hussain of the SHC, who adjudicated the matter, brought an undertaking on record that the bidder was purchasing the concern subject to all claims and counter-claims and the pending litigation, if any. He asked the bidder to pay off the amount within two weeks.
The petitioner employees’ counsel, Noor Naz Agha, said considering the concern’s capital and other assets, the bid was rather low. But it was the highest possible in the circumstances and would save the value of shares from going down further.
