SHC issues notice to Al-Abbas Sugar Mill, its CEO on bonus scam -- Karachi Stock Exchange

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Date Posted: 01:27:49 12/01/13 Sun
Author: Newspaper
Subject: SHC issues notice to Al-Abbas Sugar Mill, its CEO on bonus scam

Sindh High Court issued notices to Al-Abbas Sugar Mills, its Chief Executive Officer Shunaid Qureishi and others on lawsuit regarding misappropriation of company bonus and alleged illegal transfers of funds. The court also restrained the company from taking any decision regarding performance bonus of CEO Shunaid Qureishi and executive directors for years 2012 and 2013 in its board meeting scheduled for March 14. Plaintiff Suleman Lalani submitted in the application that he represents 20% shareholders of the company. He submitted that the company issued 14 cheques amounting Rs 17,750,000 to another trading Company which credited the amount in their account and later they issued cheques of the same amount in favour of CEO of the Al-Abbas Sugar Mills. Plaintiff’s counsel Khalid Javed Khan submitted that similar other transaction have also been effected by defendant Shunaid Qureshi, Haji Abdul Ghani, Hajiani Noor Jehan in the company’s business allegedly causing loss to the shareholders. The counsel submitted that plaintiff protested on such act to the board of directors through letter on February 6 which was not replied yet. He submitted the CEO was elected in the board meeting and now another board meeting is going to be held on March 14 in which performance bonus of CEO and executive director for year 2012 and 2013 has been placed on agenda of the meeting. He maintained that defendants have transferred the funds of the company to their personal accounts and the CEO is not entitled for the performance bonus. SHC’s single bench headed by Justice Mohammad Tasnim after preliminary hearing of the case issued notice to Al-Abbas Sugar Mills, its CEO and other directors, for March 19 and ordered that till next date the defendants shall not take any decision on the item regarding performance bonus in their board meeting or in any subsequent meeting.

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