PTI, LESCO and Ittefaq foundry

[Tiger Awan]

A few days ago a thread was started to show people how bad PTI's political enemies are. I suggest them to first do a little bit of research.
[URL]http://www.defence.pk/forums/current-events-social-issues/168647-pmln-hold-nationwide-protests-over-loadshedding-but.html[/URL]
What should I call it? Childish behaviour?


Four industries owned by the family of former prime minister Nawaz Sharif and surrendered by them in 1998 to the creditor banks against a loan of about Rs3 billion have been purchased by a Faisalabad group for Rs2.15 billion.

Al-Rehmat Group of Companies from Faisalabad purchased the Ittefaq Foundries and the Brothers Steel at Kot Lakhpat, the Ittefaq Brothers at Shahdara and the Ilyas Enterprises on Bund Road for Rs2.159 billion.

Aur ab in kaa case court main hy. So officially last 14 years sy yeh Industries Sharif Family k pass nae.
Daily Times - Leading News Resource of Pakistan

 

[Leader]

A few days ago a thread was started to show people how bad PTI's political enemies are. I suggest them to first do a little bit of research.
[URL]http://www.defence.pk/forums/current-events-social-issues/168647-pmln-hold-nationwide-protests-over-loadshedding-but.html[/URL]
What should I call it? Childish behaviour?


Four industries owned by the family of former prime minister Nawaz Sharif and surrendered by them in 1998 to the creditor banks against a loan of about Rs3 billion have been purchased by a Faisalabad group for Rs2.15 billion.

Al-Rehmat Group of Companies from Faisalabad purchased the Ittefaq Foundries and the Brothers Steel at Kot Lakhpat, the Ittefaq Brothers at Shahdara and the Ilyas Enterprises on Bund Road for Rs2.159 billion.

Aur ab in kaa case court main hy. So officially last 14 years sy yeh Industries Sharif Family k pass nae.
Daily Times - Leading News Resource of Pakistan

do you undertand baynami law?

 

[Tiger Awan]

do you undertand baynami law?

my understanding may be different from yours. So plz go ahead. Explain your theory

 

[Leader]

my understanding may be different from yours. So plz go ahead. Explain your theory

how can it be different ?

you will understand one day how corruption can be done "legally" ... and whenever you want to do that consult an accountant and a lawyer... accountant to set the record, and the lawyer to defend.

everything is sharif group now

 

[Tiger Awan]

how can it be different ?

you will understand one day how corruption can be done "legally" ... and whenever you want to do that consult an accountant and a lawyer... accountant to set the record, and the lawyer to defend.

everything is sharif group now

OK bcz you are saying everything is sharif group now it must be.

PTI following exactly the same political culture that they are trying to change.

 

[Emmie]

A few days ago a thread was started to show people how bad PTI's political enemies are. I suggest them to first do a little bit of research.
[URL]http://www.defence.pk/forums/current-events-social-issues/168647-pmln-hold-nationwide-protests-over-loadshedding-but.html[/URL]
What should I call it? Childish behaviour?


Four industries owned by the family of former prime minister Nawaz Sharif and surrendered by them in 1998 to the creditor banks against a loan of about Rs3 billion have been purchased by a Faisalabad group for Rs2.15 billion.

Al-Rehmat Group of Companies from Faisalabad purchased the Ittefaq Foundries and the Brothers Steel at Kot Lakhpat, the Ittefaq Brothers at Shahdara and the Ilyas Enterprises on Bund Road for Rs2.159 billion.

Aur ab in kaa case court main hy. So officially last 14 years sy yeh Industries Sharif Family k pass nae.
Daily Times - Leading News Resource of Pakistan

Factually wrong... First off - Petitioner-banks were handed over unites of Ittefaq Foundries to recover the loan, but the banks rejected it and demanded money in cash. So those units remained in the custody of Sharif family. Second off the news you shared is 7 years old, it does not mention further proceedings of LHC.

This year again - The Lahore High Court on Wednesday issued a notice to Salman Shahbaz, son of Chief Minister Shahbaz Sharif, on a petition moved by a consortium of different banks for the recovery of a loan worth Rs3 billion defaulted by Ittefaq Foundries.
Ittefaq Foundries case: LHC issues notice to son of CM | DAWN.COM

 

[Leader]

OK bcz you are saying everything is sharif group now it must be.

PTI following exactly the same political culture that they are trying to change.

you will laugh at others on internet forums until you learn things in your life....till then stay well, and yes all these conspiracy theorists out there that are saying we went to the moon are actually damn wrong, cause we never returned !!

 

[Leader]

Factually wrong... First off - In 2005, petitioner-banks were handed over unites of Ittefaq Foundries to recover the loan, but the banks rejected it and demanded money in cash. So those units remained in the custody of Sharif family. Second off the news you shared is 7 years old, it does not mention further proceedings of LHC.

This year again - The Lahore High Court on Wednesday issued a notice to Salman Shahbaz, son of Chief Minister Shahbaz Sharif, on a petition moved by a consortium of different banks for the recovery of a loan worth Rs3 billion defaulted by Ittefaq Foundries.
Ittefaq Foundries case: LHC issues notice to son of CM | DAWN.COM

you know as well as we all, that usually these cases are not provable, given number of reasons...

and that is one of the reasons they dont want to change the way system works in Pakistan, cause this system benefits them, but what PTI/IK proposes benefit Nation, not them.

 

[Tiger Awan]

Factually wrong... First off - Petitioner-banks were handed over unites of Ittefaq Foundries to recover the loan, but the banks rejected it and demanded money in cash. So those units remained in the custody of Sharif family. Second off the news you shared is 7 years old, it does not mention further proceedings of LHC.

This year again - The Lahore High Court on Wednesday issued a notice to Salman Shahbaz, son of Chief Minister Shahbaz Sharif, on a petition moved by a consortium of different banks for the recovery of a loan worth Rs3 billion defaulted by Ittefaq Foundries.
Ittefaq Foundries case: LHC issues notice to son of CM | DAWN.COM

No where it is saying Shabaz is the owner of the foundries.

And i was just giving a reference. These plants were disposed off 7 years ago hence my reference is also 7 year old

Here is another one. LHC did that
Plants surrendered by Sharif family disposed of -DAWN - National; 15 July, 2004

 

[Emmie]

No where it is saying Shabaz is the owner of the foundries.

And i was just giving a reference. These plants were disposed off 7 years ago hence my reference is also 7 year old

Here is another one. LHC did that
Plants surrendered by Sharif family disposed of -DAWN - National; 15 July, 2004

You are confusing yourself and of course readers too..

Plants were disposed of in 2004, not in 2005... You prolly missed a point in the link you shared in your first post (Daily news article 2005) which completely rejects the reference you referred lately (Dawn's article 2004)

Here.

LAHORE: A division bench of the Lahore High Court on Friday adjourned till December 1 the hearing of an appeal challenging the decision to auction Ittefaq Group’s four industrial units to return Rs 3 billion in bank loans acquired by former prime minister Mian Nawaz Sharif’s family.

The counsel for the Ittefaq Foundry presented his arguments before the hearing was adjourned. The company bench had accepted a petition by the National Bank of Pakistan and other banks seeking the sale of Ittefaq Foundries, Brothers Steel at Kot Lakhpat, Ittefaq Brothers at Shahdara and Ilyas Enterprises at Bund Road, Lahore. Nawaz Sharif’s family had surrendered these units against bank loans.

Eight banks had given Rs 3.11 billion in loans to the Ittefaq Group of Industries between 1982 and 1998. In most cases, the loans were not returned and the banks added mark ups to the loans.

Mian Meraj Din’s family and the Colony Group of Industries challenged these orders, saying that it was in violation of the Companies Ordinance and the industrial units could not be auctioned. Earlier, the court had cancelled a Rs 2.15 billion deal (for three units) between Al-Rehmat Group of Industries and the sales committee on October 12, 2004, and asked the shareholders’ counsels to prepare a list of terms and conditions for the auction by mutual consent. staff report

Did you get? Deal got cancelled and court passed new instructions!!


Now according to Dawn, 1st March, 2012.

LAHORE, Feb 29: The Lahore High Court on Wednesday issued a notice to Salman Shahbaz, son of Chief Minister Shahbaz Sharif, on a petition moved by a consortium of different banks for the recovery of a loan worth Rs3 billion defaulted by Ittefaq Foundries.

United Bank, Zarai Taraqiati Bank, Muslim Commercial Bank, Picic Bank, Habib Bank Limited, National Bank of Pakistan and First Punjab Mudarba Bank filed the petition.

Counsel for banks stated that following an LHC order a committee was constituted to resolve the issue, but the members of the
Sharif family especially Salman were not cooperating with it.

At this, the court issued a notice to Salman.

Previously the petitioner-banks were handed over three unites of Ittefaq Foundries to recover the loan, but the banks rejected it and demanded money in cash. Further hearing will be held on March 16.

Kuch aya samjh mein?? Plants never got disposed of..

No where it is saying Shabaz is the owner of the foundries.

Yes, you are right LHC is full of duds... Have no sense whom to send a notice!

Salman Shahbaz, is he not son of Shahbaz Sharif?

 

[Tiger Awan]

You are confusing yourself and of course readers too..

Plants were disposed of in 2004, not in 2005... You prolly missed a point in the link you shared in your first post (Daily news article 2005) which completely rejects the reference you referred lately (Dawn's article 2004)

Here.

Did you get? Deal got cancelled and court passed new instructions!!

Now according to Dawn, 1st March, 2012.

Kuch aya samjh mein?? Plants never got disposed of..


Yes, you are right LHC is full of duds... Have no sense whom to send a notice!

Salman Shahbaz, is he not son of Shahbaz Sharif?

yes i am really confused

Case is still in court and you want to decide it here

 

[Emmie]

yes i am really confused

Case is still in court and you want to decide it here

Lol.. So thread was based on a hunch! A big retreat.

Don't start a thread with matter you can't defend.

Anyway, another denial...Can't help you with this.

TC.

 

[somebozo]

Having known Nawaz in person I will say he is dumb and fool when it comes to business but at least his character in Business is much cleaner than others. The opened a vehicle recycling plant in KSA despite the fact that vehicle scrap is the lowest value scrap in the market and KSA does not have such a volume of vehicles like China and USA would. Viva le Ittefaq Recycling, it is operating at 30% of the capacity and still hoping to make a profit.

100 Sunar ke aik lohar ke!

 

[Tiger Awan]

Lol.. So thread was based on a hunch! A big retreat.

Don't start a thread with matter you can't defend.

Anyway, another denial...Can't help you with this.

TC.

If you cant see that the banks controlled Ittefaq foundaries for a long time period then i cant argue with you. If you want me to accept that Nawaz controlled factories from 1998 to the date decision was taken back then sorry

 

[Emmie]

If you cant see that the banks controlled Ittefaq foundaries for a long time period then i cant argue with you. If you want me to accept that Nawaz controlled factories from 1998 to the date decision was taken back then sorry

I don't want you to believe what I say I want you to believe the reality.

One-thing that you might don't know Banks don't keep/control/run properties/factories, they auction them off and recover their money. According to banks (as per the petition they file this year - 2012) those three units are still owned by Itefaq group - Banks have pleaded LHC that those units be auctioned off so that Rs3 billion borrowed by the Sharif family can be recovered.

Let us not defend every God damn illegal act of politicians, their corruption and evil doings have led us to the point where we are right now. Please defend Pakistan thats exactly the need of the hour.

P.S: Don't find me defending PTI.