Karachi: SHC orders to re-advertise sale of 68.28 acres land in Sindh Alkalies

[Naveed Yaseen]

KARACHI: Sindh High Court Justice Nadeem Azhar Siddiqui, hearing a Judicial Miscellaneous (JM) application filed by employees and share holders of the Sindh Alkalis (Pvt) Limited, ordered the official assignee to re-advertise the sale of 68.28 acres of land in Deh Rehri, the building and machinery, along with other movables, on the condition that all taxes and dues will be payable by the purchaser.
The bench also ordered forfeiture of the bid money of Rs 462 million of unsuccessful bidder Memon Abdul Qadir, on the grounds that the bidder was aware of the dispute and had failed to deposit the balance amount within the time allowed. The application was filed by Muhammad Laeeq and 34 other employees and shareholders of the Sindh Alkalis (Pvt) Limited to the extent of 33 percent shares. The petitioners maintained that the company claimed to have accrued losses of Rs 450 million in 1998 and the company was eventually closed down in 2000. The company was ordered to be wound up in terms under section 305 (h) of the Companies Ordinance 1984 and, in Sept 2004, the Official Assignee was ordered to sell the assets of the company by inviting sealed tenders and was also permitted to invite claims from creditors of the company, under Rule 126 of the Companies (Court) Rules, 1997.
The official assignee (OA), in his reference on April 4, 2005, submitted the details of the properties up for auction, including separate pieces of land of 68.28 acres, 43.28 acres and 150 acres, all in Deh Rehri, Tappo Landhi and District Malir. A fourth piece of land of 450 acres in Deh Gungiar, Landhi, Malir District and a fifth of 497.21 acres near Goth Khamiso Khan, District Thatta were also put up for auction.
The bids were submitted and the highest bidders were called in for final bidding when the entire proceedings were challenged before the Supreme Court, which remanded the case back to the SHC Company bench.
However, after discussing the history of the dispute on Monday, held that leases of all plots except the 68.28-acre plot in Deh Rehri, and these properties cannot be legally auctioned unless the leases are renewed.
The bench then ordered the sale of the plot in Deh Rehri, along with all immovable and moveable properties, as its lease has been renewed for a further 30 years, including the remaining period of the lease.

http://www.dailytimes.com.pk/default.asp...08_pg12_11