We act on behalf of the Standard Chartered Bank Tufail Road Lahore Cantonment
(the Client) under whose instructions we give you this notice regarding
adjustment of your liability outstanding with the Client, the facts and circumstances
whereof are explained below: 1.
That on your request, the Client allowed you certain finance facilities
(hereinafter referred to as the Finance Facility), the repayment/adjustment
of which were inter alia, secured by, hypothecation of stocks and personal
guarantees furnished by its directors.
2.
against you and the guarantors namely Mian Jehnagir Ellahi and Mian
Tanveer Ellahi for a sum of Rs.137.499 Millions alongwith costs of
Rs.15108.00 and markup at the rate of 5% per annum on the principal
outstanding amount of Rs.86.050 Million w.e.f. 29.2.2004 till the
payment/realization of the whole amount.
3.
That in spite of various demands made by the Client, you have failed to
repay and adjust the liabilities under the decree as per schedule incorporated
in the Compromise Agreement dated 31.03.2004 which remains unadjusted
as of date.
4.
We, therefore, by this notice call upon you to adjust your liabilities under
the decree, which amounts to Rs.146.839 Million as on 01.03.2006 within
thirty days of the date of this notice failing which the Client shall be
constrained to file petition in the court of Company Judge, Lahore High
Court, Lahore for winding up of your company.
5.
6.
A copy of this notice has been retained in our office for our record.
Yours faithfully,
That the correct address of the parties has been supplied in the heading
of the petition which are sufficient for the purposes of notices and other
process which may be issued by this Honble Court.
2.
3.
4.
5.
6.
8.
9.
That the Respondent Company has not paid any installment under the
decree dated 02.04.2004 and Compromise Agreement dated 31.03.2004
granted by the Lahore High Court, Lahore with the result that in terms
of decree and Compromise Agreement an amount of Rs. __________
alongwith costs of Rs.15108.00 is payable in lumsum by the
Respondent Company to the petitioner bank as on _________. The
decree issued by the Lahore High Court, Lahore in favour of the
petitioner bank has remained unsatisfied.
10.
That the petitioner bank served a statutory notice dated ________ on the
Respondent Company calling upon it to make payment of the petitioner
banks dues. Inspite of this notice under Section 306 of the Companies
Ordinance, 1984, the Respondent Company has failed to liquidate its
liability under the decree for Rs.137.499 Million alongwith costs of
Rs.15108.00 and markup at the rate of 5% per annum.
11.
That the petitioner bank has filed this petition in the interest of public
and the Respondent Company is liable to be wound up, inter alia, on the
following:
GROUNDS
a)
c)
and
obligations
created
by
Contractual
e)
13.
(ii)
(iii)
(iv)
(v)