Background of the case:

A complaint was filed by the M/s Eltek Valare A.S. (the ‘Complainant’) on 18-05-2011 with the Commission assailing the issuance of exemption dated 11-02-2011 to Mr. Mohammad Tariq and Mr. Imran Saeed (the ‘Respondents’) with respect to the Shareholder’s Agreement dated 22-01-2007 (hereinafter referred to as the ‘Shareholders Agreement’). It was stated in the complaint that they in collaboration with the Respondents formed a company under the name of M/s Nextra Communications (Pvt.) Limited (now Eltek Valere Pakistan (Pvt.) Limited-hereinafter referred to as the ‘Joint Venture’). The Complainant was a majority shareholder i.e. 51% shareholder and the Respondents collectively were shareholders of 49% in the Joint Venture. However, the Respondents have not informed the Complainant, who was a majority share holder, regarding filing of the application 10-02-2011 to the Commission for exemption. The exemption was sought at their back and without intimation to them.

The Order:

Hearing was scheduled in the matter; however, in response thereof Mr. Colin Howe, Chief Executive Officer of the Complainant informed the Commission vide facsimile letter dated 31-08-2011 that they do not wish to pursue the complaint and the same may be treated as withdrawn. It was also sated therein that they have instructed their advocates to write to the Commission in this regard. Consequently, the Counsel for the Complainant vide their letter dated 01-09-2011 seconded the stance earlier taken by the CEO of the Complainant and informed the Commission that their client no longer wishes to pursue the complaint, therefore, the same may be treated as withdrawn.

The request of withdrawal of the complaint was accepted and the matter was disposed off accordingly.