Public Auction of Mortgaged Properties

BOP THE BANK OF PUNJAB
THE BANK OF PUNIAS
PUBLIC AUCTION OF MORTGAGED PROPERTIES
Located At Mouza Kadlathi Tehsil & Distt. Sheikhupura
In pursuance of Section 15 of the Financial Institutions (Recovery of Finances)
Ordinance, 2001, The Bank of Punjab having its Head Office at BOP Tower, Main
Boulevard, Gulberg-III, Lahore and a Branch Office at Railway Road Branch, Tehsil &
Distt Sheikhupura offers the auction of the under mentioned mortgaged properties.
WHEREAS, in terms of Rule 3 of the Financial Institutions (Recovery of Finances).
Rules, 2018 (upheld up to the level of the Honourable Supreme Court of Pakistan),
the mortgaged properties are independently Evaluated by BOP through three PBA
approved professional Valuators (i.e. M/s W.W Engineering, Amir evaluators &
Consultants and K.G.T Pvt Ltd) for determining the reserve price/forced sale value.
The highest valuation (FSV) for each property has been adopted as the reserve price
under rule 3 (b) (iii) ibid.
NOW THEREFORE BOP invites all interested persons/parties to participate in the
public auction of the mortgaged properties (described below) scheduled as
mentioned against the properties.
Customer:
M/S. Gold Star Steel Industries, Faisalabad to Sheikhupura Bye Pass
Road, Opp Shaheen Villas, Saim Drain Road, Mohal Kadlathi Tehsil &
Distt Sheikhupura.
Mortgagors: 1) Waqas Ahmed S/O Muhammad Latif, resident of E-Community
Plot #02, Sheikhupura Distt. Sheikhupura.
2) Abdul Rasheed S/O Muhammad Sharif resident of Zeeshan Colony.
near Mian Hospital, Kamalia, Distt. Toba Tek Singh.
Whereas the BOP under rule 3(a)(i) of the Financial Institutions (Recovery of
Finances) Rules, 2018 engaged M/S H.A.M.D & CO Chartered Accountants to have
the mortgaged money determined including cost of funds as per sub-section 2 of
section 3 of the said Ordinance. The mortgaged money determined by the said
chartered accountant is as under:
Detail of Mortgaged Amount:
Mark Up & Cost
(Amount in Rupees)
Principal
Legal/Per force
Charges
of Funds
Till 31-12-2025
24,887,923
289,000
8,288,108
24,887,923
289,000
8,288,108
Total
33,465,031
33,465,031
[Rupees: Thirty-Three Million, Four Hundred Sixty-Five Thousand, Thirty One
only].
*Note: Auction Expenses and Cost of Funds till date of adjustment of the account will
be included later on”.
DESCRIPTION OF MORTGAGED PROPERTIES AND RESERVE PRICE
Property Description
Industrial property (land & building) measuring
06-kanals 18-Marlas with covered area of 17,930
sq.ft.detail as under
1. 4-Kanals 4-Marlas 8-sq.ft being share
2857/78404 of salam khata measuring
115-Kanals 6-marlas qitta no 23.
II. 2-Kanals 13-Marlas 264-sq.ft being share
1835/78404 of salam khata measuring
115-Kanals 6-marlas qitta no 23.1
Both the properties bearing Khewat No 279/256,
Khatooni No 753 to 756 situated at Kadlathee,
Tehsil & Distt Sheikhupura
Reserve
Price/Forced
Sale Value*
(In Rupees)
50,009,113
Date & Place of
Auction
11-02-2026
At sight
situtated at
saim Nala.
Link Sheikhupura
Faisalabad bye
pass road,
Opposite Shaheen
Villas,
Kadlathi
Sheikhupura
Properties: Reserve Price of property is based on the valuation determined by M/s.
W.W Engineering being the highest in value amongst the three independent
valuations.
Terms and Conditions:
1. The valuation reports by the three valuators can be inspected at The Bank of Punjab,
Railway Road Branch Sheikhupura.
2. The auction will be held on 11/02/2026 at 12.30 PM at site situtated at Saim Nala, link
sheikhupura-Faisalabad bye pass road, opposite shaheen villas, kadlathi
Sheikhupura.
3. The bidding will start at 12:00 AM.
4. Parties interested to participate in the auction, shall be required to submit Bank Draft/
Pay Order/CDR in the sum of Rs.500,000/- for each property in the name of ‘The Bank
of Punjab’ along with copy of CNIC and cell number of the bidder.
5. Any bid below the reserve price shall not be entertained. Highest Bidder shall be
declared as successful bidder.
6. On acceptance of the bid by BOP, the successful bidder of each property shall deposit
minimum twenty-five percent of the bid amount within two (02) business days of the
auction. The rest of the bid amount shall be deposited within fifteen (15) days from the
date of the initial deposit. In case of failure of the bidder to deposit the remaining
amount within prescribed time line, BOP shall take the deposited amount as reduction
of liability of the borrower and re-initiate the auction proceedings for recovery of the
remaining amount.
7. After receiving the full bid money, the bank will transfer the property in the name of
successful bidder.
8. Successful bidder(s) shall pay all applicable taxes and expenses, costs, charges etc. in
relation to the transfer of title. Advance Income Tax under section 236 A @ 5% for filer
& 10% for non-filer is applicable.
9. Upon execution and registration of the sale deed of the mortgaged properties in favor
of the successful bidder, all rights, title and interest in such mortgaged properties shall
by law vest in the successful bidder/purchaser and the mortgagor BOP shall be
divested of any right, title and interest in the mortgaged properties.
10. The properties shall be sold on ‘as is where is basis’, BOP will not assume any
responsibility viz. the title of the property, charge/encumbrance thereon,
measurements and the dues of Gas, Electricity, property tax etc. Particulars of the
property have been given as per best possible available information.
11. Bank Draft/Pay Order/ CDR of unsuccessful bidders will be returned on the same day.
12. Any or all bids can be rejected by BOP without assigning any reason thereof.
13. Other terms & conditions, if any, will be announced before commencement of open
bidding.
Special Assets Management Division
The Bank of Punjab, Head Office, 6th Floor, BOP Tower,
10-B, Block E-II, Main Boulevard, Gulberg-III, Lahore
Ph # 0300-4273831, (042) 35783883,
35783700-10 Ext-9630.