KARACHI: A customs appellate bench of High Court of Sindh comprising Justice Munib Akhtar and Justice Omar Sial on Thursday allowed release of networking cable after re-assessment on the basis of new Valuation Ruling acceptable to the petitioner.

The bench was hearing a petition filed by Minitech corporation who imported networking cable and sought clearance at a rate of US $ 2.8 but Pakistan Customs valued the same at US $ 3.85.

The petitioner challenged the valuation and moved the court. Today the bench was told by the petitioner and respondents that parties have agreed to new valuation ruling which fixes value at US $ 3.05.

The bench agreeing to the agreement reached at by the parties ordered release of the consignments as per new valuation ruling.