The resale process of four units of the Ittefaq Group, formerly owned by the Sharif family and relatives, has begun.
The Lahore High Court (LHC) has set a January 26 deadline of for getting new bids from within the country and abroad.
The decision to resell the units came after the relatives of the exiled former prime minister Nawaz Sharif complained they were sold quite cheap.
The family offered to buy them back, but the court ordered a resale after open bidding. The four Ittefaq Group units were seized in 2000 to recover loans owed by the Sharif family. Other families said it was "an unfair loss" inflicted on them.
The Ittefaq Group was founded five decades ago by the late Mian Sharif, the father of Nawaz, along with his brothers.
According to the court, an advertisement should appear in the local and international press to call fresh bids for the sale of the Ittefaq Foundry and the Brothers Steel Mill at Kot Lakhpat, the Ittefaq Brothers at Shahdara and the Ilyas Enterprises on Bund Road.
Gulf News
