K-Electric Slams Former Director for Hurling Accusations Against Them - Capital TV

June 3, 2023


K-Electric Slams Former Director for Hurling Accusations Against Them

Mahnoor Tariq

K-Electric has filed a lawsuit in the Sindh High Court seeking Rs5 billion in damages from a former director.

What happened:

A former member of the K-Electric board of directors, Syed Asad Ali Shah, reportedly wrote a letter dated January 10, 2023, addressed to Pakistan Stock Exchange Limited. It was titled “Metal misstatements in K-financial Electric’s statements.”

The accusations:

It was sent to point out the published financial statements are misleading. This information was shared with the Pakistan Stock Exchange (PSX) on Jan 25.

Mr. Asad made accusations against K-Electric in his letter. The corporation claims that the allegations are “fabricated and manufactured” to harm KE management’s reputation.

The notice:

The Sindh High Court issued a decision on January 24, 2023, after KE filed for mandatory injunction, and damages of Rs. 5 billion.

“Let notice be sent to the defendant through all means possible. The arguments made by the plaintiff’s expert council need to be taken into account. The defendant is still prohibited from making statements to third parties raising accusations against the plaintiff company. They can also not defame or harass them through media pages, letters, emails, or other forms of social media.”

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