CSIL raises voice over financial manipulation in DSL accounts

November 5, 2021 (MLN): Crescent Star Insurance Limited (CSIL), on Friday, informed PSX that the company along with 11.5% support of shareholders attended AGM of Dost Steels Limited (DSL), on 28th October’21 whereby DSL management resorted to malpractices by denying microphone facility to Managing Director & CEO, Mr. Naim Anwar and other shareholders who were physically attending the meeting at the head office of DSL.

However, the CSIL representatives attending the meeting on Zoom still managed to raise their voice with objections on the illegal entries, manipulation in the DSL’s financials and having no strategy or business plan for the operations of the plant, the notice to PSX said.

Meanwhile, CSIL’s petition at Lahore High Court  for directions to Dost Steel Limited (DSL) to issue shares to CSIL against advances as per the shareholder’s agreement was taken up by the Court on 27th October 2021, and the matter was partially argued. According to the shareholder's agreement, CSIL should have 60% representation on the Board of DSL.

The next date of hearing is fixed on 9th November 2021, upon which CSIL counsels will actively pursue the issuance of the shares.

The company said in a notice that CSIL will continue its efforts to exercise its right to have a majority on the Board of Directors as per shareholder agreement, and continues to make efforts to revive the otherwise profitable plant and Company.

Copyright Mettis Link News