Karachi – April 2025
The 10th‑floor boardroom at Dewan House had always been a place of ambition — the kind of space where plans to conquer industries were hatched over cups of dark coffee and the slow hum of the Clifton air‑conditioning. But this morning, the room was a pressure cooker.
The blinds were drawn against the spring sun, and the table was littered with printouts: SBP memos, bank correspondence, media clippings, and the damning "Project Blackout" document from Lucky Cement's PR consultants.
Yousuf Dewan sat at the head of the table, but it was clear this was not going to be one of his controlled, agenda‑driven meetings. Across from him sat Shahzad Dewan, his cousin and a fellow board member — a man who had built his reputation in the group's textile operations during the 1990s but carried the quiet bitterness of a division lost.
Next to Yousuf, Batool Qureshi (CFO) was flipping through a thick folder of updated cash flow projections. Ahsan Mehmood (Head of Strategy) had his laptop open, his screen showing a live feed of Dewan Group mentions on social media. At the far end, Danish Farooqui (Legal & Compliance) looked as if he'd rather be anywhere else.
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Opening Salvo
> Yousuf: "We all know why we're here. The situation is deteriorating — faster than we expected. HBL's cut us, MCB's stalling, and NAB's fishing. We have the Lucky Cement documents. The question is, do we go public or keep this in‑house?"
Shahzad: "In‑house. Public statements will make us look desperate. And we've been through worse."
Batool: "With respect, Shahzad, this isn't 2005. This is a coordinated takedown, not market fluctuation. They're buying influence."
Shahzad: "And in 2005, you weren't here when we had to shut down Dewan Textile Mills, when Dewan Salman Fibre was bleeding millions every quarter. We didn't go crying to the press then either."
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The Old Wounds
The mention of Dewan Salman Fibre was deliberate. In the early 2000s, the group's polyester fibre giant had been crippled by overcapacity, rising input costs, and a flood of cheap imports. The eventual collapse left banks holding billions in unpaid loans — loans that were only partially recovered after years of restructuring.
Yousuf stiffened.
> Yousuf: "You're right, Shahzad, you were there. And what happened? We took the quiet road, and we lost. Salman Fibre was gone. Textile Mills sold for scraps. Keeping silent didn't save us then, and it won't now."
Shahzad: "It saved our name in the business community."
Batool: "Not if you talk to the bankers who wrote off half those loans. Our reputation has been shaped more by whispers than facts ever since."
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The Strategy Divide
Ahsan leaned forward, his voice quick and urgent.
> Ahsan: "We have two options. One, we negotiate behind the scenes — try to neutralise Lucky and Indus Motors' campaign with quiet diplomacy. Two, we go nuclear: leak the documents, call a press conference, put the pressure back on them."
Danish: "From a legal perspective, going nuclear is risky. Project Blackout names individuals. If we can't prove direct action from them, we're open to defamation suits."
Batool: "We have proof of payment to the PR firm."
Danish: "That's circumstantial unless you have proof they ordered specific actions."
Shahzad folded his arms.
> Shahzad: "And while we're playing journalist, who's keeping the plants running? The cement lines at Hattar and Khairpur aren't going to pay for themselves. We're burning cash."
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The Banking Pressure
Batool slid a document across to Yousuf — a summary of recent bank communications.
HBL: WC limit cut by Rs 1.2 billion.
MCB: Loan renewal "under review."
Meezan Bank: Unofficial hold on new facilities.
NBP: Request for updated risk assessment.
> Batool: "I spoke to Rehmat Ali Hasnie at NBP. He says, off the record, they're under pressure from SBP to 'reassess exposure'. He didn't say it, but we all know whose lobbyists are making those calls."
Ahsan: "We can't keep pretending it's business as usual. They're cutting us off at the source — cash flow."
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Private Call
During a break, Yousuf stepped into his office and dialled Rehmat Ali Hasnie directly.
> Yousuf: "Rehmat, tell me straight — are we on the SBP watchlist?"
Rehmat: "Yousuf, I can't confirm or deny that. But I will say this: some banks believe you're salvageable. Others think you're high‑risk. The split isn't in your favour."
Yousuf: "And which side is NBP on?"
Rehmat: "We're… evaluating."
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The Explosion
Back in the boardroom, the conversation boiled over.
> Batool: "If we'd diversified earlier instead of over‑investing in cement, we wouldn't be in this mess."
Shahzad: "Oh, so now you're rewriting history? Cement kept this group alive after textiles collapsed. Or have you forgotten the Salman Fibre fiasco?"
Yousuf: "Enough. We can't afford these personal digs—"
Shahzad: "No, let's have it out. You think I don't see the subtext? Ever since the 2002 split, this family hasn't trusted itself. You took automotive, I kept textiles, and we've been sniping ever since."
Batool: "That's exactly the problem — the world sees those cracks and exploits them."
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Resignation Threat
The argument reached its peak when Shahzad stood up.
> Shahzad: "If the board insists on going public with this Lucky Cement nonsense, I want no part of it. My resignation will be on your desk by Monday."
The room fell silent. Even Ahsan stopped typing.
> Yousuf: "You'd walk out now? In the middle of this?"
Shahzad: "Better than standing by while you burn every bridge we have left."
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The Secret Approach
Later that evening, Ahsan met with a contact at Bank Alfalah — unofficially — to explore the possibility of a Rs 3 billion bridge facility. It was risky. If word got out, it could spook the other banks and confirm Dewan's liquidity crunch to the market.
The contact, Ali Asghar, was blunt:
> Ali: "We might do it, but not if NAB's investigation escalates. And not if MCB and HBL are already out."
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The Mole
On May 2, The News ran an article with uncanny detail about the board's internal debate — even quoting Batool's "over‑investing in cement" remark almost verbatim.
Danish brought the paper into the boardroom.
> Danish: "Someone here is talking to the press. And they're not just leaking strategy — they're leaking word‑for‑word quotes."
Everyone looked at everyone else. The silence was heavier than anything said that day.
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Cliffhanger:
Somewhere in the room, one of them wasn't just a board member — they were an informant.