In 1975, a easy transaction was about to inextricably change the fates of two enterprise households in Lahore, launching them in a three-decade-long authorized dispute over a reputation — Shezan.
In September 1974, the Bhutto administration declared the Ahmadiyya group non-Muslims, and a variety of distinguished Ahmadiyya group members, amongst them main enterprise house owners, ready to pack up their belongings and go away the nation.
Whereas the group was no stranger to persecution, for a lot of the constitutional enshrinement towards their religion was the final straw. Amongst these seeking to promote their enterprise was Shezan Eating places and Bakeries. Owned by Shahnawaz Ltd, Shezan was very a lot a household affair and had been round for the reason that late Nineteen Fifties. They have been pioneers of bringing desi and continental meals along with high quality eating. They’d two eating places in Lahore, Shezan Continental and Shezan Clay Oven, each on the decrease mall.
This was a time when there weren’t many eating choices out there to a rising higher middle-class. The decrease mall was a swanky space surrounded by each authorities and personal places of work, which made eating places that supplied good, acquainted meals in a spot with a trendy ambiance a thriving enterprise. So when the Ahmadiyya household that owned Shezan determined to promote, Chaudhry Meher-ud-Din determined to purchase each eating places from them.
A shrewd businessman who owned vehicle showrooms in Lahore, Meher-ud-Din recognised the potential of Shezan. It was a recognisable model identify, had a legacy, and had been constructed through the years over stable enterprise fundamentals and catered to a particular want. He additionally knew that contained in the restaurant was a bakery as nicely, which he might separate and increase the enterprise. Meher-ud-Din’s ambitions prolonged past this. He additionally needed to accumulate a 3rd asset that Shahnawaz Ltd had — the Shezan Worldwide manufacturing facility which produced and packaged merchandise like the enduring Shezan Mango juice, squashes, pickles, jams, marmalades, ketchup and so forth.
That is the place issues get a little bit sophisticated.
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“Tax the wealthy” has all the time been a preferred political slogan that resonates with lots of people. And why shouldn’t it? The wealthy have an extra of cash accessible, tax them and put the cash to good use.
It’s not lengthy earlier than this thought leads one right into a utopian realm of fairness, of a society the place the financial system gives the identical amenities to each wealthy and poor. Everybody has sufficient, everyone seems to be completely happy. However this thought can’t germinate for lengthy.
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Has the aftermath of the Aurat March this 12 months been a bit of bit much less vociferous in its hate? Or have we simply acquired so used to being demonised that we’re not feeling the warmth as a lot? Amongst the myriad conversations that occurred on the marches however most particularly within the days following them, one explicit plaint has stood out.
It’s the barrier that many ladies nonetheless face in Pakistan: Entry to monetary providers.
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Proudly owning a financial institution is a reasonably large deal, even for the very wealthy. That is true not simply in Pakistan however all the world over. Simply have a look at Malik Riaz of Bahria City fame, who by some accounts is Pakistan’s richest man. Riaz has wished to purchase a industrial financial institution because the early days of his ascent however has seen his efforts blocked on account of not having a ‘clear’ sufficient fame to be trusted with depositor’s cash.
And he isn’t the one one. Albeit for various causes, Habibullah Khan of Mega Conglomerate, a self proclaimed Pakistani billionaire’s bid to accumulate Meezan Financial institution in 2013 was additionally shot down by the regulator. And very similar to this, each Pakistani billionaire has both tried to or dreamed of proudly owning a financial institution in some unspecified time in the future or the opposite. Only a few have managed.
And but, right here now we have Jahangir Siddiqui, the proprietor of JS Financial institution and a number one inventory dealer, who in BankIslami, is about to purchase his second industrial financial institution. If the transaction goes by means of, Siddiqui, in response to one interpretation of the banking regulation, will turn into the primary to personal and function two Pakistani industrial banks on the identical time.
Naturally not everybody is especially pleased about this. One of many individuals on the forefront of this battle is clearly Aqeel Karim Dhedhi — one other main Pakistani stockbroker whose legendary rivalry with Siddiqui is well-recorded. And whereas the antagonism between the 2 stockbrokers meant it was at all times a foregone conclusion that Dhedhi would go to court docket over the BankIslami concern, it appears he isn’t alone.
There are a selection of different voices within the monetary trade that suspect Jahangir Siddiqui of foul play. And in contrast to Dhedhi, these voices appear to have no private scores to settle with Siddiqui or his JS Group.
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