Lahore: First Elite Capital Modaraba has announced that it is facing a legal suit filed by Ansari Brothers (Private) Limited. The legal proceedings pertain to a dispute over an agreement involving a shareholder who also serves as a Non-Executive Director of the Modaraba.

The Modaraba disclosed this information in compliance with the Rule Book of Pakistan Stock Exchange Limited and the Securities Act, 2015. The company received a court notice regarding the civil suit on March 21, 2025. The suit filed by Ansari Brothers (Private) Limited seeks specific performance of an agreement that was allegedly reached with one of the shareholders of First Elite Capital Modaraba.

According to information available from the Pakistan Stock Exchange (PSX), the management company named in the suit is Crescent Modaraba Management Company Limited. This development has been officially communicated to the members of the exchange as per the regulatory requirements.

The case underscores the complexities that can arise in corporate governance and shareholder agreements, particularly involving individuals who hold dual roles within a company. The outcome of this legal proceeding is yet to be determined, and its implications for the Modaraba will be closely monitored by stakeholders in the designated market category.