Huawei Technologies Pakistan (Pvt) Limited has withdrawn its petitions against World Call Telecom Limited.
World Call Telecom disclosed the orders of the Honorable Lahore High Court through a notice to the Pakistan Stock Exchange.
Previously, Huawei Technologies had filed a petition against World Call Telecom with section 302 of the Companies Act, 2017 for winding up of the respondent company. It was learned that there was an outstanding liability of US$4,869,069 and PKR 64,834,831 against World Call Telecom on the basis of various supply contracts.
World Call has asked to reverse all the actions taken with regards to the withdrawn petition and removal of all associated information.
The company also pointed out that WTL has signed many contracts with Huawei, which miserably failed to comply with the terms and conditions of the said contracts. Consequently, colossal losses were incurred by WTL due to the said breaches of Huawei.
WTL has also filed a recovery suit of US$93,300,000 from Huawei, which is currently pending negotiation, therefore, PSX’s notification was uncalled for as the creditor’s claim was completely false and frivolous.
WTL’s share at the bourse was trading at Rs 1.63, down by 2.98% with a turnover of 8.06 million shares.