Fawad Rana is back in PSL – Fawad Rana won the case against Atif Rana & Sameen Rana
A major ownership dispute has erupted in Lahore Qalandars between brothers Fawad Rana, Atif Rana, and Sameen Rana, following a ruling by retired Justice Maqbool Baqar, appointed by the Supreme Court of Pakistan.
The ruling stated that the current management must either return majority control of the Calco franchise to Fawad Rana’s Qatari company or pay approximately 2.96 billion rupees for the shares. The deadline for compliance was set at 40–45 days.
Fawad Rana originally acquired the Lahore franchise in 2015 through Calco for $26 million. In 2016, a Pakistani company, Kausar Rana Resources (KRR), was established, in which Calco held a 51% stake. Over time, share transfers have reduced Calco’s control. In 2020, Fawad Rana transferred the remaining shares to his brothers without documented payment, under a trust.
The court confirmed the lack of financial documentation for this transfer. Later, 30 percent of the shares were allegedly sold to another party without Fawad Rana’s knowledge.
The ruling requires KRR to pay compensation to Calco or revert its 51 percent stake, which would mean reverting control of the company to Fawad Rana. Atif Rana has decided to appeal, and he and Sameen Rana will continue to manage the franchise until the appeal is resolved.
Calco’s legal team has asked the PCB to refrain from signing contracts with the current management until the case is resolved.
