20000309

Engro, Dawood Group

row settled out

of court

RECORDER REPORT

KARACHI: A leading industrialist of the country, M. Hussain Dawood and the management of Engro Fertilizer have come to an agreement removing the apprehensions and misgivings on the purchase of Engro shares by the Dawood Group companies.

According to reliable sources, Hussain Dawood has assured that he is only interested in getting a handsome return on his investment and would not disturb or muscle his way into the Board of Directors or the management of Engro.

It appears that both sides are keen to establish concept of good corporate behaviour and set high standards to back professional managements in the country. They reached a settlement out of court.

An order of the High Court of Sindh, said application is disposed in terms of clauses (1) and (2) of para thereof which read as under.

A statement signed by the advocates for plaintiff and defendants, No. 3, 4, 5, defendant No. 1 and authorised representative of defendant No. 2 has been filed for disposal of CMA 1388/2000. By consent the application is disposed of in terms of causes (i) and (ii) of para I thereof which read as under-

(1) That without prejudice to the respective contention of the parties and subject to such final orders as may be passed at the time of the disposal of the suit the ad interim order passed by the Hon'able High Court of Sindh at Karachi in CMA 1388/2000 in Suit 273/2000 will continue till the disposal of the suit subject to the qualification that the Plaintiff will pay to and the Defendants No. 1 to 5 may receive dividends.

(ii) That the CMA 1388/2000 be disposed off in the above terms."

Since the parties have arrived at such settlement in pursuance of an agreement between them, that the suit will be disposed of within six months from the date hereof, it is hereby observed that the parties are bound by this statement at their own level. The vukalatnamas filed by respective advocates today in Court be taken are record.