KARACHI, March 8: The Sindh government has challenged the sale of 1,200 acres of its land as part of the property of M/s Sindh Alkalis.
In a case being heard by the Sindh High Court, the Additional Advocate-General, M. Ahmed Pirzada, stated that the land was given to the concern on lease for a specific period and purpose. It reverted to the provincial government after the expiry of the lease in early 1990s.
The SHC official assignee could not dispose it of as company property in liquidation proceedings. The liquidator has filed a reference in respect of the land situated in Landhi and Thatta District. The auction purchaser of the liquidated company says that he acquired the land along with the concern and the government should extend the lease.
MEHRAN BANK: Advocate Mahfooz Yar Khan withdrew three execution applications filed by the National Bank against the chief executive of the defunct Mehran Bank, Yusnus Habib, in accordance with a settlement signed by him with the National Accountability Bureau. Mr Habib paid Rs1,670 million to discharge the liabilities of the defunct bank, which was merged into the NBP. The liabilities were thrown up by bad loans sanctioned without adequate security.
