Ruling on plea of sugar mill owned by Sharifs reserved.

LAHORE -- The Lahore High Court on Thursday reserved its judgement on a petition filed in the court by the administrator of the Ramzan Sugar Mills of the Sharif family against non-registration of its shares by Securities and Exchange Commission of Pakistan (SECP).

The mills' administrator through his lawyer informed the court that all of the mills' assets had been frozen following filing of references by NAB against the mills. He said the mills wanted to obtain a loan from a bank and for that purpose it requested the SECP to register its shares.

However, the counsel said the commission had refused to register the shares owing to the NAB references pending against the mills. He asked the court to order the SECP to register the shares of the mills so that it could secure the loan from the bank.

The counsel further informed the court that NAB had previously sent a letter to the SECP about a 'caution mark' on the sale and purchase of the mills' shares only. He said no NOC from the bureau was required for the purpose of seeking the loan from the bank as the matter did not pertain to the sale/purchase of shares.

He asked the court to order the SECP to register shares of the mills so that it...