LAHOREThe Lahore High Court on Thursday issued notices to SECP, owners of UBL and others respondents in a petition which challenges sale of UBL allegedly with unlawful clarification of Security Exchange Commission of Pakistan (SECP) that caused huge financial loss to 29000 small shareholders of the bank across the country. The court in its order further directed that the purchase/ acquisition of UBL shares by Bestways Group from Abu Dhabi Group, if conducted, will be subject to final decision of this petition. This order was passed by Justice Umer Ata Bandial on the petition filed by a retired pilot Asghar Abbas Gardezi, also a small shareholder of the bank. The petitioner said according to the Listed Companies (Substantial Acquisition of voting shares and take-Over) Regulations 2008 and security and exchange commission of ordinance 1969 the sale/ purchase of shares by the respondents Bestways group and Abu Dhabi group is malafide and unlawful and prayed to the court to declare the same null and void. The petitioner said the SECP and two UBL owner groups through the transaction, have caused a loss of Rs 1733 million to small share holders, general public and loss of Rs 1811 million to the government of Pakistan which is also a shareholder in UBL. The petitioner submitted that SECP unlawfully allowed Bestways Group to become owner of the bank by purchasing shares of the bank from Abu Dhabi group. The petitioner through his counsel Imtiaz Rashid Siddiqui advocate submitted Bestways Group of London had 31.10 percent UBL shares while Abu Dhabi Group had 30.30 percent shares and both groups controlled the banks business. The petitioner stated that on December 30, 2010 a news items appeared in a section of press that Bestways Group was acquiring 20 percent shares in UBL in addition to its present holding of 31 percent from Abu Dhabi group in UBL and after acquisition of total holding of the Bestways group will be become 51 percent of the total shares of the UBL He said according the law, Bestways group should have purchased 51 percent shares from the public also at rates of Rs 80 per share, before buying 20 percent shares at rates of Rs 80 from Abu Dhabi Group to become UBLs owner with 51 percent share holder. The UBL shares market price is Rs 65 per share and sale at Rs 80 could give profit to public which was denied to them. The petitioner said SECP blindly accepted version of the Bestway group and deprived millions of rupees profit which could have come to public share holders by sale of shares at Rs 80 instead of its sale at Rs 65 in market