ISLAMABAD, June 2: The Supreme Court on Tuesday asked the federation to furnish the minutes of the cabinet committee meeting on the sale of Habib Bank Limited (HBL) to the Agha Khan Fund for Economic Development (AKFED) while hearing petitions against the privatisation of the bank.

Advocate Muhammad Ikram Chaudhry at the outset of the hearing informed the SC bench comprising Justice Iftikhar Mohammad Chaudhry, Justice Rana Bhagwandas and Justice Khalilur Rehman Ramday that the respondents have not yet provided the relevant information, the petitioner had sought earlier through a miscellaneous application.

At this the court asked Attorney General of Pakistan Makhdoom Ali Khan to provide the relevant information which include complete copy of the minutes of the proceedings of the Cabinet Committee meeting on the privatisation regarding the sale of HBL along with the recommendations/decision of the Privatisation Commission in respect of the bank.

The required information also include the Statement of Qualification at different stages by 19 bidders involved in the process of privatisation of HBL, statements of three qualified bidders, worksheet of Chartered Accountants A.F.Ferguson and Company about determination of reserved price of the bank, and the copy of the agreement.

The SC also issued notices to the Cabinet Committee on the Privatisation, the Privatization Commission, HBL and AKFED while adjourning the proceedings of the two clubbed petitions challenging the privatization of HBL. The next date of hearing of the cases would be decided by the office of the Supreme Court later.

Muhammad Ikram Chaudhry is representing Dr Akhtar Hassan Khan in the first petition while Barrister Zafarullah Khan is appearing on behalf of Watan party. In the second petition, the petitioner had asked the court to set aside the auction of HBL and issue directions to AKFED not to interfere in the affairs and management of the bank till the decision is made on the petition.

In his petition Barrister Zafarullah alleged that the sale of HBL to AKFED was not only collusive but also malafide for not being transparent as the privatization of 51 per cent shares of the bank at such a throw away price would allegedly result in the enslavement of the people of Pakistan because HBL was one of the banks considered to be the life line in the economic growth of the country. He also stated that Canadians had offered Rs60 billion during one of the previous governments, but was not accepted by that government.