The Sidduqui family and Albaraka companies have settled their disputes through the court, and a consent decree has been passed. In an information, sent to the Karachi Stock Exchange (KSE), it was said that Jahangir Siddiqui and his family (hereinafter collectively referred to as the Siddiqui family) and the Dallah Albaraka (UK) Limited.
Dallah Albaraka Investment Company Limited, Albaraka Investment Company Limited, which together with Dallah Albaraka (Ireland) Limited "DAIL" (hereinafter collectively referred to as the "Albaraka Companies") are shareholders of Jahangir Siddiqui & Co Limited (JSCL) in terms of the shareholders' agreement dated June 19, 1997 hereinafter referred to as "Shareholders' Agreement".
The Sidduqui family and the Albaraka Companies have been involved in serious litigation on account of which several cases were filed in the High Court of Sindh. Now both the shareholder companies have settled their disputes through the court, and a consent decree has been passed, a certified copy of which has been received by the company on July 3.
Upon satisfaction of the Consent Decree, the legal proceedings, filed by and against the Siddiqui family, including the company will be withdrawn and all the claims, demands, obligations, etc, asserted by and against the respective parties will stand satisfied, released and discharged.
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