On the main Hyderabad road, Mirpurkhas, Sindh, is a piece of land that measures 3.45 acres. It lies in the main commercial area of the city and is estimated to be worth between PKR 300 million to 1,200 million. The property belongs to Mirpurkhas Sugar Mills Limited (MIRKS). In April 2021, the sugar mill tried to sell the land but what would have been a normal asset disposal turned into a legal battle involving some shareholders of the company, the Securities and Exchange Commission of Pakistan (SECP), and the sugar mill.
Some shareholders believed that the property was being undervalued by the company and the sale was being carried through non-transparent means. Soon after, the SECP got involved. After the company failed to satisfy the regulatory body, the SECP threatened to initiate an investigation into the sale of the property. But in October of last year, the sugar mill obtained a stay order from the Sindh High Court (SHC), effectively restraining the SECP from starting any formal investigation.
Profit tries to understand the complex tale of the legal battle between the two parties. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
Excellent piece.
Shareholders should be dumping their stock. If a company does this, it is a huge red flag.
Nice knowledge gaining article. This post is really the best on this valuable topic.
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