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| 20 October 2004 | Wednesday | 05 Ramazan 1425 |
SHC issues notices in insurance firm case
KARACHI, Oct 19: The Sindh High Court on Tuesday issued notices to the Attorney-General of Pakistan, State Bank of Pakistan, Security Exchange Commission of Pakistan and others for Nov 24 on a petition challenging the takeover of the Adamjee Insurance Company.
Hameed Adamjee, Razzak Adamjee, Ghaffar Adamjee, Iqbal Adamjee and Ashraf Adamjee, making the ministry of finance, SBP, SECP, Muslim Commercial Bank and others respondents, besides challenging the takeover of the company in a constitutional petition, also questioned the election of directors for the company and prayed the holding of an inquiry into the alleged illegalities.
Their counsel Aitazaz Ahsan argued that serious violation was committed with regard to the takeover of the insurance company by the MCB.
He submitted that in violation of the Supreme Court order an annual general meeting was called by the MCB Mansha group and six directors were appointed unlawfully for the company.
SHC's division bench, comprising Justice Sarmad Jalal Osmany and Justice Amir Hani Muslim, after preliminary hearing of the petition, issued notice to respondents and the attorney-general for Nov 24.
In meanwhile, the court ordered that the record of the AGM, scheduled for May 29 shall not be tempered and shall remain in the custody of secretary of the company.-PPI
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