LAHORE: The Lahore High Court (LHC) on Tuesday ordered the Security and Exchange Commission of Pakistan (SECP) for registering charge of Ramzan Sugar Mills of the Sharif family to enable the mills to secure a loan from a bank.
Justice Ayesha A Malik passed the orders while allowing a petition filed by the mills against non-registration of charge by SECP. The court had reserved the verdict after hearing arguments of parties and it was announced today in open court.
The mills administrator had filed the petition, submitting that all assets of the mills had been frozen following references made by the NAB. He said the mills wanted to obtain a loan from bank and it requested the SECP to register its charge/security interest for the purpose.
But, the commission refused to register the same due to NAB references pending against the sugar mills, he added. He asked the court to order the SECP to register charge of the mills so that it could secure loan from the bank.