SHC to hear suit against Pakistan Steel Mills on April 19

KARACHI: Justice Muhammad Shafi Siddiqui of High Court of Sindh (SHC) on Thursday allowing an application for urgent hearing filed by Fairytex, Private Limited against Pakistan Steel Mills fixed the same for April 19.

The plaintiff maintained that they are the local agents of Venus Commodity International and imports Re-rolled sheets from Russia, China, Ukraine for the consumption by the Pakistan Steel Mills.

The plaintiff also stated that since 2007 they supplied a number of consignments to the defendant PSM and as part of transaction submitted “Performance Bank Guarantees” of different amounts amounting to billions of rupees.

The plaintiff also maintained that while PSM has a installed capacity of using 1 m tones re-rolled or cold rolled sheets it used a negligible tonnage due to different reasons including inefficiency, shortage of funds.

The plaintiff maintained that as they have discharged the duties, they asked the defendant to release their bank guarantees but instead defendant PSM is pressing them to extend the period.

The bench perusing the application for urgent hearing adjourned further proceedings till April 19 when the suit islikely to be heard at length.

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