The Sindh High Court has issued a restraining order against Sindh Bank for selling 1.5 million shares of Clover Pakistan Limited (PSX: CLOV) without notice, the company informed the main bourse on Wednesday.
“Our parent company has recently apprised us that 11.5 million shares of Clover Pakistan were pledged with Sindh Bank. Shockingly, the bank has executed the sale of 1.5 million shares without prior notice or information to Fossil Energy Pvt Ltd,” it said in a stock filing.
“As of today, the Honorable Sindh High Court has issued a restraining order against the bank, prohibiting any further sale of Clover Pakistan Ltd shares,” it added.
The principal business of the Company includes the sale of food products, consumer durables, chemicals, and lubricants and also the import and trade of gantry equipment’s air/oil filters and other car care products. CLOV is also involved in marketing & distribution and after-sales support of office automation products, fuel dispensers, vending machines, and digital screens.