Real characters: Dewan Mohammad Yousuf Farooqui, bankers (Ali Raza – NBP, senior executives from HBL, UBL, Bank Al Habib), government officials (Finance Minister Ishaq Dar, SBP officials like Yaseen Anwar), corporate lawyers, and restructuring advisors.
Facts: The State Bank–led Corporate & Industrial Restructuring Corporation (CIRC) role, debt rescheduling attempts, partial takeovers by banks, attempts to restart Dewan Cement and Dewan Farooque Motors, and worker protests over unpaid salaries.
Scenes with dialogues: Closed-door meetings with banks, tense family board meetings, media interviews, court-ordered restructurings.
Theme: The empire, though battered, tries desperately to survive through restructuring, asset sales, and renegotiations.
By 2012, the Dewan empire was no longer a colossus straddling Pakistan's industrial landscape. It was a wounded giant, bleeding from every limb, kept alive only by the machinery of courts and the negotiations of bankers. Yet amid the collapse, there emerged a new buzzword: restructuring.
Where once expansion had been the mantra—new factories, new mills, new ventures—now the talk was of consolidation, rescheduling, and revival plans. For Dewan Mohammad Yousuf Farooqui, this was the most humiliating phase of his career: from the master of acquisitions to a supplicant before bankers.
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Scene One – The Meeting at National Bank Headquarters
The 12th floor boardroom of National Bank of Pakistan in Karachi's I.I. Chundrigar Road was unusually crowded. Around the long mahogany table sat representatives of NBP, HBL, UBL, Bank Al Habib, and the State Bank of Pakistan. At the far end sat Yousuf Dewan with his restructuring advisor, a British-trained consultant named Salman Qureshi.
Ali Raza, the seasoned NBP President, opened the meeting with a blunt tone.
"Mr. Dewan, the consortium exposure to your group exceeds Rs. 38 billion. Most facilities have been in default for years. We cannot carry this indefinitely."
Yousuf leaned forward, voice steady but edged with fatigue.
"Ali sahib, you know the Dewan Group is not a fly-by-night operator. We built industries when others were importing. If the banks cooperate, we can revive Dewan Cement and Dewan Farooque Motors. Without restructuring, you will recover nothing."
The UBL representative interjected sharply.
"With due respect, Mr. Dewan, we've heard these promises for years. Every plan ends in default. Why should we believe this time will be different?"
The consultant, Salman Qureshi, spread out a PowerPoint presentation.
"Gentlemen, this is not rhetoric. Here are the numbers. If debt is rescheduled over seven years with partial write-offs of accrued interest, Dewan Cement can return to profitability within three years. Dewan Farooque Motors can be revived through a joint venture with a foreign partner already in talks."
There was silence, then murmurs. The bankers exchanged glances. Restructuring meant admitting past mistakes but it also offered a chance of recovery.
Ali Raza finally spoke.
"The banks are open to discussion, but conditions must be strict. Asset sales, personal guarantees, and external audits. No more blank cheques."
Yousuf sighed. It was humiliating, but survival required swallowing pride.
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Scene Two – Family Tensions
Later that week, in the Dewan House in Karachi, the family gathered for a rare joint meeting. Around the table sat Yousuf, his brother Bashir, cousin Mushtaq, and several nephews. Tension crackled in the air.
Bashir slammed his hand on the table.
"Restructuring means giving away our empire piece by piece. Is that what you want, Yousuf? To be remembered as the man who sold off our father's legacy?"
Yousuf shot back, his patience fraying.
"And what choice do we have? Shall we wait for the banks to auction everything? Restructuring is the only way to keep the name alive!"
Mushtaq muttered, almost to himself.
"The name is already stained. Newspapers call us defaulters. Workers protest outside our gates. The glory days are gone."
The nephews exchanged glances, caught between loyalty and pragmatism. One of them whispered, "Better half a kingdom than none."
The family was fracturing further—ideals of pride clashing with the harsh arithmetic of survival.
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Scene Three – Workers at Dewan Cement
At the Dewan Cement plant in Hattar, workers gathered outside the gates, holding placards demanding unpaid salaries. Journalists from Dawn and Geo were present, recording the chants.
A worker shouted, "We built these plants with our sweat! Now we starve while the courts and banks play games!"
Another added, "If restructuring saves jobs, we support it. But if they sell everything, we are finished."
The plant manager tried to calm them.
"Please, brothers, the chairman is negotiating with banks. If the plan succeeds, operations will restart within months."
But the skepticism was thick. For years, promises had been made and broken.
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Scene Four – Islamabad: Ishaq Dar's Office
In 2013, as the PML-N government returned to power, Finance Minister Ishaq Dar summoned a meeting with industrialists, including Dewan. The agenda: revival of sick units.
Dar leaned back in his chair, adjusting his glasses.
"Mr. Dewan, the government wants industries revived. But we cannot be seen favoring defaulters. If you propose restructuring, it must be transparent, with benefits for workers and exports."
Yousuf nodded earnestly.
"Minister sahib, we are ready to cooperate. Dewan Cement alone employs thousands. Dewan Farooque Motors can be revived to reduce car imports. But without debt restructuring, we cannot move an inch."
Dar's bureaucrat, a stern SBP official named Yaseen Anwar, cut in.
"Minister sahib, with respect, every industrialist says the same. They want concessions, but none deliver. The banks cannot bear further losses."
Dar raised a hand.
"Still, we must balance recovery with revival. Pakistan needs jobs. Mr. Dewan, submit a concrete plan within thirty days. If it convinces the consortium, the government will support."
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Scene Five – Behind Closed Doors with Bank Al Habib
Bank Al Habib, unlike the big state banks, had been more cautious in its exposure to Dewans. In a private meeting, its managing director, Abbas Dada, spoke candidly to Yousuf.
"Yousuf bhai, you are like family to us. But even family cannot ignore the books. If restructuring is to succeed, you must bring in a foreign partner. Without new equity, the banks will never trust again."
Yousuf nodded grimly.
"I am in talks with Korean investors for Dewan Farooque Motors. If that deal closes, will Bank Al Habib support the plan?"
Abbas replied softly.
"If the numbers make sense, we will. But time is running out."
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Scene Six – Media Spin
Realizing the battle was also for public opinion, the Dewan Group hired a PR firm. Press releases appeared in newspapers: "Dewan Group Negotiates Revival Plans with Banks," "Thousands of Jobs at Stake."
On a talk show, Kamran Khan asked bluntly:
"Mr. Dewan, why should the people trust you again after repeated defaults?"
Yousuf, looking weary but defiant, responded:
"Because Pakistan cannot afford to let its industries die. We are not asking for charity, only for restructuring to revive operations. If we fail again, then let the law take its course. But give us one chance."
The words struck a chord with some, but skeptics remained.
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Scene Seven – The Turning Point
By 2014, after months of wrangling, a partial restructuring deal was reached. The consortium agreed to reschedule portions of Dewan Cement's debt, while Dewan Farooque Motors was allowed to explore a joint venture for revival.
The announcement was made at a small press conference in Karachi. Yousuf stood at the podium, flanked by lawyers and bankers.
"This is not the end, but a new beginning. We thank our banking partners for giving us this opportunity. The Dewan Group is committed to restructuring, to revival, and to proving that our name still means something."
Reporters scribbled, cameras flashed. It was a symbolic victory—but fragile. The real test lay in execution.
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Scene Eight – Private Reflection
That night, sitting alone in his Clifton home, Yousuf stared at the framed photographs of his father and uncles—the founders who had once dreamed of empire. He whispered softly, almost to himself:
"Restructuring is not triumph. It is survival. But survival is all that matters now."
Outside, the city of Karachi buzzed with the usual chaos, indifferent to the fate of one man's empire. But inside, the battle for revival had only just begun.
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Closing Note
Chapter 43 marked a phase where the Dewan Group attempted to restructure, reschedule, and renegotiate. Pride was sacrificed, assets were mortgaged, and the family struggled internally. Yet, amid humiliation, there remained a flicker of hope: that through restructuring, the empire might yet survive.