LAHORE: The auctioneer appointed by Lahore High Court has issued schedule for the auction of Ittefaq Textile Mills, owned by close relatives of Sharif family.

The owners included Mian Haroon Yousaf, Muhammad Yousaf Aziz, Kausar Yousaf, Saira Farooq, and Ayesha Haroon. The auction of Ittefaq Textile Mills would be held on December 15. The public notice for the auction had already been pasted on the court’s premises.

The Ittefaq Textile Mill was mortgaged with the banks at the time of securing loan with condition that it could be sold to recover the loan amount. The Muslim Commercial Bank had approached the court for auction.

The LHC in 2012 had allowed auction of the mills for the recovery of around Rs 110 million to clear a loan of Rs 250 million secured against the mortgage of the property. The remaining amount has already been paid by the owners.

Published in Daily Times, November 14th 2017.

 





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