What the Arbitration Ordered
In early January 2026, arbitrator Justice (Retd.) Maqbool Baqar ruled that the transfer of shares allegedly executed in 2018 and 2020 was invalid. The award instructs Atif and Sameen Rana to choose between two remedies:
• Return approximately 51% shareholding of the Lahore Qalandars’ holding structure to Qatar Lubricants Company W.L.L. (QALCO), owned by Fawad Rana; or
• Pay roughly Rs 2.3 billion (reported between Rs 2.296–2.3 billion, plus markup) in lieu of restoring the shares.
The award is expected to move back to the Lahore High Court for enforcement proceedings, subject to any appeal or stay.
How the Dispute Reached Arbitration
The conflict centers on control of the corporate vehicle behind Lahore Qalandars—KRR—which holds franchise rights.
Timeline (condensed):
• 2018–2020: Fawad Rana alleges that his shares were transferred without authorization, consideration, or valid documentation.
• 2023: He files proceedings in the Lahore High Court seeking reversal of the alleged transfers and related relief.
• June 24, 2024: Atif and Sameen Rana request the High Court to stay proceedings and refer the dispute to private arbitration under a 2020 agreement. The court declines, citing fraud allegations and lack of universal consent to arbitration.
• December 2, 2024: The Supreme Court of Pakistan overturns the High Court’s refusal, stays proceedings, and refers the matter to arbitration, appointing Justice (Retd.) Maqbool Baqar.
• January 2026: Arbitration award issued in favor of Fawad Rana/QALCO.
