LAHORE, November 13: The Lahore High Court (LHC) on Monday ordered to auction the Sharif family’s Ittefaq Textile Mills on December 15.
The LHC judge resumed hearing of the petition filed by the Muslim Commercial Bank (MCB) for the auction of the Sharif family’s Ittefaq Textile Mills .
During the proceedings, the counsel of the bank said that the owners and the relatives of former prime minister Nawaz Sharif had mortgaged Ittefaq Textile Mills to receive loan for business. He said that the defaulter Mian Haroon Yousaf had also given guarantee of Mian Yousaf and others for the loan. However, the bank has not be repaid the loan and therefore it may be allowed to auction the mills to remover the amount.
After hearing the arguments, the court ordered to auction the Sharif family’s Ittefaq Textile Mills on December 15.-Agencies