K-Electric files suit against former member seeking Rs5 billion damages

K-Electric files suit against former member seeking Rs5 billion damages

KARACHI: K-Electric has filed a suit before Sindh High Court against a former member of Board of Directors demanding Rs5 billion as damages.

According to the information shared with the Pakistan Stock Exchange (PSX) on Wednesday it referred to reports appearing in print and electronic media whereby a former member of the board of directors of K-Electric, Syed Asad Ali Shah, has written a letter dated January 10, 2023 addressed to Pakistan Stock Exchange Limited, titled as ‘Metiral misstatements in K-Electric’s financial statements due to which published financial statements are render misleading.

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In his letter, Asad Ali Shah levelled allegations against K-Electric. “The allegations therein are concocted and framed to damage the reputation of KE and its management,” according to the company.

In this regard, KE has filed a Suit No. — for declaration, permanent, mandatory injunction and damages to the tune of Rs5 billion against Syed Ali Shah before the Sindh High Court at Karachi and the court had passed an order dated January 24, 2023.

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The court issued the following order:

“The contentions raised by learned council for the plaintiff require consideration, as such, let notice be issued to the defendant through all modes except publication. Till date, the defendant is restrained from harassing the plaintiff company from writing letters or e-mails or otherwise using social media by making statements to third parties raising allegations against the plaintiff company and or setting up media pages maligning the plaintiff company and or its officials.”

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