An arbitration tribunal led by retired Justice Maqbool Baqer ruled against management of Kausar Rana Resources, parent company of Pakistan Super League franchise Lahore Qalandars.
The tribunal declared the transfer of majority shares from Qatar Lubricants Company to Atif Naeem Rana and Sameen Naeem Rana legally void and without authorisation.
It ordered the respondents to either pay Qalco Rs2.296 billion with markup or restore Qalco’s 51 percent majority shareholding within forty five days as directed.
The dispute involved Fawad Ahmed Rana of Qalco and his younger brothers Atif Rana and Sameen Rana, who managed the company at the relevant time.
Qalco secured Lahore franchise rights from the Pakistan Cricket Board in 2015 before transferring those rights to KRR at incorporation where it held 51 percent.
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The case centred on disputed share transfers in 2018 and 2020, which respondents said were required due to UAE Qatar geopolitical tensions at that time.
They claimed the transfers enabled participation in UAE activities by reducing Qalco’s majority stake, an assertion rejected by Qalco and Fawad Rana during arbitration proceedings.
The tribunal found Fawad Rana was not in Pakistan when transfer deeds were allegedly signed, supported by travel history and passport copies submitted during proceedings.
It noted mismatched witness signatures, absence of original deeds, failure to call key witnesses, and no payments made for shares despite stated requirements in documents.
The tribunal dismissed the respondents’ Rs50 billion counterclaim and ordered disclosure of profits and proceeds from the five million dollar share sale to Lahore court.
