October 24, 2014

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Jahangir Siddiqui fears losing seats on JSCL Board

KARACHI: The Jahangir Siddiqui and family is quite concerned about the upcoming election of the Board of Directors (BoD) of Jahangir Siddiqui and Company Limited (JSCL) scheduled on November 25, 2013, as it is feared the family might lose at least two Board seats.

It was reliably learnt that the AKD backed rival group comprising Haji Ghani Haji Usman, Sultana Siddiqui and family have made preparations for the JSCL Board elections and it is highly likely that JS and family might lose two seats at least on the Board.
Losing two Board seats would be a great setback for JS, particularly when these seats go to the rival group.
It is estimated that 7.0 million shares would buy one Board seat on the JSCL Board.
This would threaten the monopoly of Jahangir Siddiqui over JSCL, which is the flagship company of the entire JS Group.
The rivalry between Jahangir Siddiqui and Aqqeel Karim Dhedi (AKD) has turned quite intense involving Haji Ghani Haji Usman, Sultana Siddiqui, Jang Group and ARY Media Group.
The issue started when an embezzlement of Rs450 million approximately appeared in Al-Abbas Sugar Mills and Haji Ghani Usman, Sultana Siddiqui along with her sons including Shunaid Farooqui were accused of the embezzlement.
JS family has two seats on the Board of Al-Abbas Sugar Mill.
It is interesting to note that the embezzlement money is actually belongs to the public as AL-Abbas is a public limited company.
According to sources, AKD is supporting Haji GHani and Sultana Siddiqui.
Later, both the parties ransacked the annual general meetings of Al-Abbas and JSCL.
It was also known that Owais Muzaffar Tappi is also supporting the AKD supported group.

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