The Court issued these orders in a suit filed by Ilyas Mehraj contending that Tajammul Hussain, Director, and Ehsanullah Khan, Chief Executive Officer of TLC, were backing out from their commitment as well as consent given to mediator Khawaja Ahmad Tariq Raheem, and were causing losses to the plaintiff company by making unlawful demands, false statements and retention of shares.
TLC had entered into a lease finance agreement with the Haseeb Waqas Group. The group had provided collateral securities by way of charges on other fixed assets of the group of companies and pledge of Director's shareholding.
However, when dispute arose between the parties regarding the final liability of the borrower group, the parties referred the matter to arbitrator.
The arbitrator after hearing both sides reduced the cost of lease and subsequently the group agreed to pay Rs 140 million worth of cheques through mediator as full and final payment against the consent letter of TLC dated 08.04.2004.
After receiving that, TLC promised to release the security documents, on the clearance of the cheques the HWG make the payment of Rs 140 million. Later on TLC not only backed out from releasing the certain securities, rather made an additional claim of termination charges along with overdue mark-up from March 15, 2004 (the date of said cheques).
TLC has transferred the title of leased assets and release other securities except the shares having face value of Rs 54.5 13 million.-PR