Javed Omer Vohra to quit stock business

Sponsors of the Javed Omer Vohra & Company Limited (JOV & Co.) appears to have decided to quit the stock business, following sale of their controlling stake to Crescent Standard Brokerage and Investment Services Limited. A notice issued on Tuesday by another corporate member of the Lahore Stock Exchange Dosslani’s Securities (Pvt) Limited stated:

“Our clients have entered into an agreement with sponsors of JOV for purchase of 7 million ordinary shares, i.e 35 per cent of the equity stake along with management control of the company.”

It mentioned that the price per share for the transaction was Rs175 per share.

Badla is not back!

I am grateful to The News for its backhanded support to the phase-out of badla financing in its editorial “Badla is back” (July 15) – a provocative and totally misleading title which suggests that badla financing had been eliminated and has now been reintroduced. This is simply not true. Even the inference that the process has been rolled back is false. Nonetheless, the editorial makes a very important point in favour of the phase-out of badla financing and, even though it is ostensibly critical of the role of the regulator, I appreciate the spirit behind it.