January 25, 2023 (MLN): K-Electric Limited (KEL) has filed a suit against former director Mr. Syed Asad Ali Shah in Sindh High Court (SHC) to the tune of Rs5 billion for declaration, permanent, mandatory injection, and damages to the company.
According to the notice issued by PSX, “The contentions raised by learned counsel 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 by 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”, the notification read.
Earlier, there was news appearing in some sections of media with respect to a letter written and sent by Syed Asad Ali Shah addressed to the PSX with copies marked to (i) Securities and Exchange Commission of Pakistan (SECP); (ii) National Electric Power Regulatory Authority (NEPRA); (iii) Power Division, Ministry of Energy, Government of Pakistan, Chairman, Audit Oversight Board, and Institute of Chartered Accountants of Pakistan.
Through the said letter, Mr. Shah has alleged that there are “Material misstatements in the financial statements of KE, which render them misleading.”
On January 23, 2023, the management of KEL termed all the allegations and contentions by the former director’s misunderstanding of accounting principles.
