Karachi: Pakistan Hotels Developers Limited, a prominent player in the hotel management services sector, has initiated a process of liquidation, as confirmed by the appointment of liquidators effective December 31, 2024. This development follows a Special Resolution passed by the company's members during an Extraordinary General Meeting held at the ZVMG Rangoonwala Community Centre in Dhoraji, Karachi.
The company's registered office is located at Office No-202, 2nd Floor, Marium Complex, Plot No. 59, Survey Sheet No. 35-P/1, Survey No. 15, Bihar Muslim Cooperative Housing Society Block-3, Sharfabad, Karachi East Famshed Town. The decision to wind down the business comes as part of strategic measures taken by the members of Pakistan Hotels Developers Limited.
Five liquidators have been appointed to oversee the winding-up process. The appointed liquidators and their respective addresses are as follows: Mr. Mohsin Ferozuddin, residing at 8 - A, 35th 'B' Street, Phase VI, DHA, Khayaban-e-Muhafiz, Karachi; Mr. Masroor F. Baweja, located at Flat No.1203, Block - E, Creek Vista; Mr. Muzaffar Baweja, based at Apartment, Phase - 8, DHA., Karachi, House No.37 - L, 37' Street, Block - 06, P.E.C.H.S., Karachi; Mr. Zaheer Baweja, residing at 103/2, 25th Street, Khayaban-e-Muhafiz, Phase - VI, DHA, Karachi; and Mr. Zubairuddin Baweja, whose address is 223/2, 33'd street, Khayaban-e-Roomi, Phase - VIII, DHA., Karachi.
According to information available from the Pakistan Stock Exchange (PSX), Pakistan Hotels Developers Limited has been a significant entity in the market category of hotel management services. The dissolution of the company marks a notable transition in this sector, as stakeholders prepare to settle the affairs of the business.
The resolution to liquidate was made in light of the evolving dynamics within the industry, taking into account the long-term sustainability and strategic interests of the company. As the liquidation process progresses, further updates are expected to provide clarity on the implications for shareholders and other stakeholders involved.