CSIL withdraws litigation, initiates positive steps with Dost Steels

MG News | May 22, 2024 at 04:59 PM GMT+05:00

0:00

May 22, 2024 (MLN): Crescent Star Insurance Limited (PSX: CSIL) has withdrawn all litigation with Dost Steels Limited (PSX: DSL) which led to the reorganization of the DSL Board and management earlier this year, CSIL's filing on PSX revealed today.

As a first step, CSIL has started receiving money from advances given to DSL, in continuation of the arrangements made.

Moreover, CSIL is confident in resolving this long outstanding matter.

As part of the efforts, CSIL has extended its support once again to DSL and has nominated Naim Anwar (CEO-CSIL) as Director and Chairman on the Board of DSL, and Suhail Elahi (Director) and Board member of CSIL as CEO of DSL in the recently constituted Board of DSL.

"A larger and broad-based structural business plan will soon be shared by DSL through its Board approval," the notice reads.

This will lead the company to play an active role in the larger interest of all stakeholders.

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