Real characters: Dewan Mohammad Yousuf Farooqui, his sons, bankers (Ali Raza from NBP, Shaukat Tarin in advisory roles, HBL/UBL executives), foreign representatives (Hyundai/Kia executives, later Chinese automakers like Changan and Geely), Finance Minister Ishaq Dar, SBP Governor Ashraf Wathra.
Facts: Attempts to revive DFML through Hyundai/Kia in mid-2010s, debt restructuring efforts, stock exchange speculation, government's new auto policy (2016) which gave a lifeline to struggling assemblers, and repeated hurdles due to debts and lawsuits.
Scenes with dialogues: tense meetings with foreign investors, family arguments about whether to risk everything on DFML, press conferences giving hope, but behind the scenes, bitter realities.
Theme: "The last hope" wasn't expansion — it was mere survival.
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By 2015, the Dewan empire was a skeleton of its former self. Most of the textile units were either shut or taken over. The cement division limped along under partial restructuring. The banking sector had written them off as chronic defaulters.
But one entity still carried a flicker of hope — Dewan Farooque Motors Limited (DFML), once a bold venture that had rolled out Hyundai and Kia cars on Pakistani roads.
For Yousuf Dewan, DFML wasn't just a business. It was a symbol — proof that Pakistan could dream beyond textiles and sugar, proof that he could build industries where others only imported. And so, even as his empire crumbled, he clung to DFML as the last hope.
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Scene 1: The Family Discussion
In the Clifton residence, the Dewan family gathered late one evening. The atmosphere was tense. Around the table sat Yousuf, his sons, and close relatives.
Son 1 (frustrated):
"Father, the banks are circling again. Dewan Cement barely survives. Why keep pouring energy into DFML? Let it go."
Son 2 (defiant):
"No! DFML is the only brand we have left in the public's imagination. People still remember the Shehzore truck. They still ask if Hyundai will return."
Yousuf, quiet until now, raised his hand. His voice was hoarse but firm.
Yousuf:
"Listen to me. The Dewan name cannot end with silence. If DFML revives, we revive. If it dies, everything dies. This is not just business—it is legacy."
The room fell silent. Everyone knew the stakes.
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Scene 2: Meeting with Bankers
At the NBP headquarters, Yousuf sat across from Ali Raza, the veteran banker who had become almost a nemesis in these negotiations. Representatives from HBL and UBL were also present.
Ali Raza (sternly):
"Mr. Dewan, DFML's accumulated losses exceed Rs. 3.5 billion. The company hasn't produced cars in years. Why should we extend further concessions?"
Yousuf (leaning forward):
"Because Pakistan's new auto policy is about to open doors. Hyundai is willing to return. If DFML partners with them, production will resume, and you will recover your loans. Kill it now, and you recover nothing."
The HBL representative interjected.
"But Hyundai left once. What guarantee do we have they won't leave again?"
Yousuf's face tightened. He gestured to his consultant, who slid forward a dossier.
Consultant:
"Gentlemen, Hyundai and Kia are aggressively expanding in Asia. Pakistan's policy offers incentives. DFML already owns the plant. This is their chance to re-enter without fresh land or massive investment. All they need is a reliable local partner."
There was murmuring around the table. The banks weren't convinced—but they weren't dismissing it either.
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Scene 3: Courting Hyundai
Months later, in a sleek hotel suite in Dubai, Yousuf sat across from two Hyundai Motor Company executives from Seoul. Translators hovered, documents spread across the table.
Hyundai Executive (measured tone):
"Mr. Dewan, we remember the 1990s. We remember DFML. But we also remember why we left—political instability, weak after-sales, poor financing support."
Yousuf (leaning forward earnestly):
"Those were different times. Today, Pakistan's market is ripe. Suzuki dominates, but customers are hungry for alternatives. The government's new auto policy offers incentives no global player can ignore. And DFML—our plant—is already here, waiting."
The second Hyundai executive asked bluntly:
"But your debts? Your court cases? How can we invest when your banks call you a defaulter?"
Yousuf hesitated, then spoke softly:
"I will carry that burden myself. The Dewan name will not stain Hyundai. Give us this chance, and together we can rebuild."
The Koreans exchanged looks. They weren't convinced—but they weren't saying no.
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Scene 4: Islamabad – The Auto Policy
In 2016, Finance Minister Ishaq Dar unveiled the government's Auto Industry Development Policy (AIDP), designed to attract new entrants. At the Serena Hotel, the hall buzzed with journalists, industrialists, and foreign envoys.
Dar declared proudly:
"Pakistan's auto sector is open for investment. Incentives will be given to those who bring competition and innovation. This is a new dawn for our industry."
In the crowd, Yousuf sat quietly, his mind racing. The policy was his lifeline. If he could secure Hyundai or another partner, DFML might rise from the ashes.
Later, in a brief conversation, he caught Dar by the arm.
Yousuf:
"Minister sahib, DFML has the infrastructure ready. We can deliver results faster than anyone else. But the banks must support. Will the government ensure fair treatment?"
Dar, ever the politician, smiled.
"Mr. Dewan, policy is policy. If you bring Hyundai back, no one can stop you. But the banks—you must convince them yourself."
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Scene 5: Rivals React
News of Dewan's talks with Hyundai spread quickly. At Lucky Cement's Karachi office, executives discussed in hushed tones.
Lucky Executive:
"If DFML revives, the Dewans will be back in the game. Should we… intervene?"
Another smirked.
"No need. Their debts will sink them before Hyundai signs anything. Besides, Nishat is already in talks with Hyundai too. Mansha will never let Dewan take that prize."
Indeed, behind the scenes, Mian Mansha's Nishat Group was courting Hyundai with promises of stronger financials and political cover. The battle lines were drawn.
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Scene 6: At the Courtroom
Meanwhile, the Sindh High Court became a battleground. Creditors filed petitions, demanding liquidation of DFML.
In one hearing, the lawyer for UBL thundered:
"DFML is insolvent! This restructuring is nothing but delay tactics. We demand court-appointed management."
Dewan's lawyer countered passionately:
"My Lord, DFML has a viable revival plan with foreign partners. Liquidation will destroy jobs and assets. Give us time, and we will prove solvency."
The judge, stern but sympathetic, granted a stay.
"The court will not allow hasty liquidation. The company is granted six months to present a viable revival plan."
It was a small victory—but in Dewan House, it was celebrated like triumph.
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Scene 7: A Flicker of Hope
By late 2016, rumors spread in Karachi's stock market that Hyundai was indeed considering a return through DFML. DFML's dormant shares suddenly skyrocketed. Small investors piled in, betting on a comeback.
In the Dewan office, a jubilant nephew showed Yousuf the ticker on his phone.
"Uncle, look! DFML shares have doubled in weeks. The market believes again!"
Yousuf smiled faintly.
"Belief is the first step. Now we must deliver."
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Scene 8: Private Reflection
That night, alone in his study, Yousuf opened his old leather-bound diary. He wrote slowly, his hand trembling slightly:
> "This is our last hope. Cement is crippled, textiles gone, sugar dismantled. Only DFML stands between legacy and oblivion. The banks circle, the rivals conspire, but as long as there is one chance, I will fight. If DFML lives, the Dewan name lives. If it dies, so do we."
He closed the diary, his eyes glistening. Outside, Karachi's restless city lights flickered—a city that had seen many empires rise and fall, indifferent to the fate of one more titan.
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Closing Note
Chapter 44 captures the desperate but determined attempts of Dewan Mohammad Yousuf to use DFML as the last lifeline for his family empire. In meetings with bankers, courts, Hyundai executives, and the government, he fought to keep the dream alive.
But as rivals circled and debts mounted, the question remained: was this truly a last hope—or merely the last illusion?