LAHORE: An auctioneer appointed by the Lahore High Court has issued a schedule for the auction of Ittefaq Textile Mills, owned by close relatives of the Sharif family.
As per a public notice pasted on the court premises and the property, the auction would be held on Dec 15 at the 27.05-kanal site, situated at 48km Multan Road.
The high court had in 2012 allowed auction of the mills on a suit filed by Muslim Commercial Bank for the recovery of around Rs110 million to clear default of a loan of Rs250 million secured against mortgage of the property.
The remaining amount has already been paid by the mills and its owners, including Mian Haroon Yousaf, Muhammad Yousaf Aziz, Kausar Yousaf, Saira Farooq and Ayesha Haroon.
Published in Dawn, November 14th, 2017