KARACHI – Shareholders of Globe Textile Mills Limited (PSX: GLOT) have filed a civil suit in the court of the VIII Senior Civil Judge, Karachi South, seeking the cancellation of a Share Purchase Agreement (SPA) signed with OBS Pakistan (Private) Limited on July 27, 2018.
According to a stock exchange filing by GLOT on Monday, the contested agreement involved the sale of 13.41 million ordinary shares — representing 81.98% of the company’s total issued and paid-up capital — to OBS Pakistan.
The plaintiffs, comprising Arshad Arif, Farzana Arif, Maheen Arif, Humaira Arshad, Misbah Taha Kanchwala, and Saman Fahim, allege that OBS failed to meet its contractual obligations under the SPA. As a result, they are seeking both cancellation of the agreement and recovery of associated amounts.
Further details of the specific breaches or recovery claims have not been disclosed in the public filing.
