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.
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