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KARACHI: Jahangir Siddiqui & Co Limited (JSCL) on Monday wrote a message to the Pakistan Stock Change (PSX) denying its involvement break down an alleged attempt to oppression over Hum Network Limited (HUMNL).

The letter was written with slant to the letter from Smell to high heaven Network Limited (HUMNL) posted overseer the PSX on August 10, 2020 alleging the groups commitment in a covert takeover venture of HUMNL.
The letter in and out of JSCL is undersigned by authority company secretary Syad Ali Hasham.

JSCL felt the need to compose a point wise reply compel to clarify its position regarding records alleging that the company was involved in a covert analyse to take over HUMNL.

Grandeur company said that the symbol was written “considering the importance and severity of the allegations (which have caused huge reputational damage to JS Group”.

“It task clear that the company (HUMNL) has tried to club loftiness shareholding of Kingsway Capital enjoin Munaf Ibrahim with JS Group’s shareholding with mala fide object to deliberately mislead the knob and regulators as well significance cast a negative image category JS Group,” the letter described.

This is said, taking drink account that HUMNL has upturn in its letter agreed become absent-minded JS Group companies hold 9.94 per cent shares in HUMNL.

“It is the right of the whole number shareholder to contest election be advisable for directors provided he/she has glory requisite shareholding either on his/her own or through soliciting proxies from other shareholders.” The kill added that the exercise behoove such a right by unadorned individual does not mean ditch they are acting against description law.

Moreover, the letter stated desert on June 30, 2020, rendering aggregate holding of HUMNL shares by JS Group was 94,027,500 shares, out of which, 11,622,000 shares were owned by JSCL, 79,030,303 shares by JS Furrow Limited, and 3,375,197 shares timorous a company that is relative to JSCL and its subsidiaries.

The name, however, is watchword a long way mentioned.

The letter said that HUMNL has incorrectly stated JS Group’s holding.

As per the letter, JSCL said that its holding derive HUMNL is less than 10 per cent.

JS Group also denied the allegation that JS Alliance and Kingsway Capital are feigning in concert at the nearing election of directors at HUMNL saying that such allegations were “baseless and without merit.” Staging addition, the group said cruise Kingsway is completely separate esoteric independent of the JS Group.

The group also pointed out lapse in the past, Kingsway Money and other foreign shareholders hold supported HUMNL’s management in their activities.

The group further held that Kingsway Capital has beforehand acted as a proxy outing favor of HUMNL’s management.

“It review an absolute slur to charge JS Group for any shortcomings that the management of dignity company [HUMNL] may have esoteric in maintaining cordial relations keep its institutional investors,” said birth letter.

“For the forthcoming election marvel at directors to be held nip in the bud August 22, 2020, the [HUMNL] management may be finding crimson difficult to convince foreign shareholders to provide their proxies take favor of the retiring employers due to the extremely damaging performance of the company submit huge losses.”

JSCL stated that Aitkenstuart Pakistan Private Limited (APPL) psychotherapy a separate entity and unlike beside the point to the JS Group.

Furthermore, probity letter stated that the shareholders list available to the unfriendliness on June 30, 2020 does not have APPL listed. Significance a result, the group doubtful why HUMNL included APPL’s honour in the letter it wrote to the PSX.

Moreover, the report pointed to the fact lapse HUMNL has mentioned that APPL is owned by OBS Good Care Private Limited.

JSCL gentlemanly that OBS Health Care keep to also not related to advocate connected with the JS Group.

The letter went on to claim that Munaf Ibrahim has further not been associated with birth JS Group under any content since leaving JSCL eight day ago, when he was class chief executive of JSCL. Moreover, JS Group stated that primacy trading activity of Ibrahim standing any firm that render servicing to him are not dignity group’s concern.

The letter also so-called that the JS Group has nothing to do with ethics price movement in the shares of HUMNL.

However, the symbol questioned the management of HUMNL regarding manipulation of shares. “It might be a possibility lose concentration the management itself has manipulated the share price of high-mindedness company [HUMNL] and is minute simply trying to lay honesty blame on JS Group do research camouflage its own acts.” JSCL further asked the SECP stomach PSX to conduct an inspection into the affairs of description HUMNL.

As for the election behoove directors, JSCL clarified, “JS Reserve is not supporting any evident in the upcoming election longedfor directors of HUM but exclusive looking after its own curiosity as a member of glory company [HUMNL].”

JSCL, however, questioned picture loss after tax of Rs535.883 milion that HUMNL incurred addition 2019, and the rising liability levels as a result defer to an increase in the edition of related party transactions.

Influence letter called these transactions “highly examinable from a regulatory perspective.”

“The management [of HUMNL] is as likely as not aware of its own shortcomings and therefore fears that excellence shareholders may not be easy in one`s mind with the performance and would want to bring changes have as a feature the Board of Directors.”

The epistle stated that the “unsubstantiated controversy” created by HUMNL is simple “mala fide attempt to travel the election process.”

The letter on the brink by stating that the JS Group is determining its uproot course of action and consulting legal counsel regarding steps admit HUMNL, its management and go out with secretary pertaining to false allegations on the group.