KARACHI, April: Sindh Alkalis, a public sector concern in liquidation, fetched the highest bid of Rs461 million on Friday. The auction was conducted by the Sindh High Court official assignee in his capacity as liquidator. The liquidation was ordered by the SHC on a petition moved by workers of the concern, who are also its shareholders. They said their interests would suffer if the winding up was delayed and value of the company’s assets allowed to be depreciated.

The petition was moved through advocates Noor Naz Agha and Syed Ghulam Shah, who were also present at the bidding.

Meanwhile, the Supreme Court is seized of a petition moved by a bidder who offered Rs450 million. However, no stay against the liquidation proceedings had been granted by the court. The bid accepted by the liquidator was made by Memon Abdul Qadir.