KSE brokers opt for out-of-court settlements

KARACHI - Karachi Stock Exchange (KSE) brokers on Tuesday withdrew their case from Supreme Court as they have started out-of-court settlement of the CFS arrears.
Abdul Hafeez Pirzada has informed the court that all the parties have agreed to resolve the matter without involving the Supreme Court and Sindh High Court.
He further told the court that all the parties will manage this issue and they will get Rs 20 billion in the name of Market Support Fund (MSF).
He also requested the court that the agreement made between the parties should be maintained in the court record.
Justice (r) Fakhruddin G Ibrahim appeared before the court on behalf of National Clearing Company of Pakistan (NCCPL) and he did not raise any objection against the withdrawal of the case.
After hearing the comments of the lawyers representing the parties, the court has disposed of the case.
Our Staff Reporter adds: The National Clearing Company of Pakistan (NCCPL) did not announce the total amount of the settlement of outstanding CFS shares till Tuesday evening.
The NCCPL was compiling all the consents sent by the financees and the financiers and the amount of these shares is expected to be announced on Wednesday (today).
"The accurate figure of these shares is not available at present, however, it will be announced on Wednesday 31 Dec," said Badi-Uddin Akber, director NCCPL.
Earlier, the NCCPL had extended the time for financiers and financees to send requisite consent letters for the settlement of outstanding CFS shares under the proposed CFS Mk-II Square-up Scheme.
Moreover, around 90 financees have sent their consent letters for settlement of their outstanding CFS shares while 66 financiers have already showed their interest to buy these shares.