KARACHI: SHC nazir told to check violations by consulate
By Our Staff Reporter
KARACHI, March 22: Justice Mohammad Sadiq Leghari of the Sindh High Court directed the court nazir to inspect the under-construction building of the Japanese consulate within two weeks to find out whether it was violative of the building bylaws as alleged by a plaintiff.
An investment company having its office in an adjoining building submitted in an urgent application through Advocate Faisal Kamal Alam that the under-construction consulate structure violated the bylaws and regulations. The structure be ordered to be inspected again before its completion, the plaintiff said.
Granting the request for urgent hearing, the judge ordered that the building be inspected by the SHC nazir with the assistance of an independent architect within two weeks. The inspection report was required to be submitted by the next date.
KPT LAND: Justice Mushir Aslam, meanwhile, restrained the Karachi Port Trust Officers Co-operative Housing Society from creating third party interest in the disputed land claimed by it at Mai Kolachi.
Contesting a suit instituted by the society, Additional Advocate-General Abbas Ali submitted on behalf of the provincial government that coastal land under shallow waters was being reclaimed by filling by the KPT under the cover of the status quo order passed by the court.
The AAG said the land underlying ocean belonged to the federal government and became the provincial government’s property on reclamation. The KPT or the housing society had no right to reclaim the land or acquire it for housing.
STATUS QUO: A division bench, comprising Chief Justice Saiyed Saeed Ashhad and Justice Maqbool Baqar, ordered status quo in an appeal against a single judge’s refusal to grant an injunction against resale of an apartment.
Appellant Iqbal Ahmed stated through Advocate Mohammad Nawaz Shaikh that he paid Rs 1 million for purchase an apartment in Askari Complex III to its owner, Col Abdul Kabir. The balance of Rs 6 million was deposited by him with the SHC nazir on the order of the judge seized of his suit for specific performance. The judge, however, declined to order the defendant owner from creating third party interest in the property pending the hearing of the suit.
The bench ordered that the respondent be issued a notice for a date in office and that status quo be maintained in the meanwhile.
SHARES CASE: Justice Mushir Alam of the Sindh High Court restrained the directors of a bank from transferring its shares to an investment company behind the back of its minority shareholders.
The plaintiff minority shareholders alleged through Advocate Khalid Anwar that 25 per cent of the NIB (NBLC-IFIC Bank) shares were transferred to M/s Bugis Investments through a covert deal.
The shares were quoted at Rs 20 per piece at the stock exchange but the actual sale price was not known. The transferee company nominated three directors on the NIB board after the acquisition of shares and the newly-constituted board decided on Feb 28 to issue 213,248,077 additional shares in favour of the company for Rs 13 per share against the quoted price of Rs 31 on that date, according to the plaintiffs.
The counsel submitted that the deal was violative not only of the provisions of the Banking Companies Ordinance but also of a circular of the Securities and Exchange Commission of Pakistan, a directive of the State Bank of Pakistan and the Listed Companies Substantial Acquisition of Voting Share and Takeover Ordinance, 2002. The plaintiffs, he said, were ready and willing to buy the shares but the board would not allow them to do so.
The court ordered that the plaint be amended to implead SECP and the SBP and issued notices for March 29 as an annual general meeting had been scheduled by the new NIB board for March 30. The Feb 28 board decision would not be implemented in the meantime.
