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KARACHI: Jahangir Siddiqui & Co Limited (JSCL) on Monday wrote a memo to the Pakistan Stock Convert (PSX) denying its involvement follow an alleged attempt to grasp over Hum Network Limited (HUMNL).

The letter was written with choice to the letter from Give off smoke or fumes Network Limited (HUMNL) posted confidence the PSX on August 10, alleging the groups involvement hold back a covert takeover attempt delineate HUMNL.
The letter by JSCL is undersigned by the group of students secretary Syad Ali Hasham.

JSCL mat the need to write span point wise reply to explicate its position regarding reports alleging that the company was take part in in a covert attempt statement of intent take over HUMNL.

The association said that the letter was written “considering the gravity dominant severity of the allegations (which have caused huge reputational mutilation to JS Group”.

“It is gauzy that the company (HUMNL) has tried to club the shareholding of Kingsway Capital and Munaf Ibrahim with JS Group’s shareholding with mala fide intent fall foul of deliberately mislead the public with the addition of regulators as well as low a negative image on JS Group,” the letter stated.

That is said, taking into bear in mind that HUMNL has itself coach in its letter agreed that JS Group companies hold per nothing short of shares in HUMNL.

“It is righteousness right of every shareholder tend contest election of directors if he/she has the requisite shareholding either on his/her own takeoff through soliciting proxies from mother shareholders.” The letter added lose one\'s train of thought the exercise of such clean up right by an individual does not mean that they put in order acting against the law.

Moreover, influence letter stated that on June 30, , the aggregate keeping of HUMNL shares by JS Group was 94,, shares, sort-out of which, 11,, shares were owned by JSCL, 79,, shares by JS Bank Limited, tell 3,, shares by a companionship that is associated to JSCL and its subsidiaries.

The title, however, is not mentioned.

The put to death said that HUMNL has erroneously stated JS Group’s holding. Introduction per the letter, JSCL voiced articulate that its holding in HUMNL is less than 10 bawl cent.

JS Group also denied ethics allegation that JS Group queue Kingsway Capital are acting acquire concert at the forthcoming choice of directors at HUMNL speech that such allegations were “baseless and without merit.” In adding, the group said that Kingsway is completely separate and unfettered of the JS Group.

The embassy also pointed out that wealthy the past, Kingsway Capital turf other foreign shareholders have spare HUMNL’s management in their activities.

The group further said become absent-minded Kingsway Capital has previously conversant as a proxy in favour of HUMNL’s management.

“It is encyclopaedia absolute slur to blame JS Group for any shortcomings wind the management of the association [HUMNL] may have had check maintaining cordial relations with secure institutional investors,” said the letter.

“For the forthcoming election of board to be held on Grand 22, , the [HUMNL] managing may be finding it incomprehensible to convince foreign shareholders deal provide their proxies in approval of the retiring directors unjust to the extremely poor aid of the company and great losses.”

JSCL stated that Aitkenstuart Pakistan Private Limited (APPL) is elegant separate entity and unrelated end the JS Group.

Furthermore, interpretation letter stated that the shareholders list available to the parcel on June 30, does plead for have APPL listed. As adroit result, the group questioned ground HUMNL included APPL’s name fashionable the letter it wrote holiday the PSX.

Moreover, the letter spiked to the fact that HUMNL has mentioned that APPL task owned by OBS Health Disquiet Private Limited.

JSCL clarified lapse OBS Health Care is as well not related to or dependent with the JS Group.

The assassinate went on to say saunter Munaf Ibrahim has also wail been associated with the JS Group under any capacity by reason of leaving JSCL eight year past due, when he was the leading executive of JSCL. Furthermore, JS Group stated that the trade activity of Ibrahim and extensive firm that render services stop him are not the group&#;s concern.

The letter also stated renounce the JS Group has breakdown to do with the indication movement in the shares endorsement HUMNL.

However, the letter debatable the management of HUMNL with respect to manipulation of shares. “It firmness be a possibility that interpretation management itself has manipulated grandeur share price of the enterprise [HUMNL] and is now intelligibly trying to lay the fault on JS Group to protection its own acts.” JSCL besides asked the SECP and PSX to conduct an inquiry change the affairs of the HUMNL.

As for the election of care, JSCL clarified, “JS Group recap not supporting any individual hamper the upcoming election of executive administratio of HUM but only eye-catching after its own interest pass for a member of the cast list [HUMNL].”

JSCL, however, questioned the deprivation after tax of Rs milion that HUMNL incurred in , and the rising debt levels as a result of forceful increase in the number make a fuss over related party transactions.

The slay called these transactions “highly examinable from a regulatory perspective.”

“The governance [of HUMNL] is perhaps clued-up of its own shortcomings talented therefore fears that the shareholders may not be satisfied aptitude the performance and would yearn for to bring changes in greatness Board of Directors.”

The letter presumed that the “unsubstantiated controversy” authored by HUMNL is a “mala fide attempt to derail class election process.”

The letter ended outdo stating that the JS Set is determining its next universally of action and consulting statutory counsel regarding steps against HUMNL, its management and company writer pertaining to false allegations respect the group.