ISLAMABAD, Sept 18: The Supreme Court has said that the Competition Commission of Pakistan (CCP) may carry on its functions except those agitated in its petition challenging the stay granted by the Sindh High Court (SHC) in favour of the Pakistan Banks Association (PBA), a group of scheduled banks.

A bench comprising Justice Abdul Hameed Dogar, Justice Ijaz-ul-Hassan and Justice Chaudhry Ejaz Yousaf that had taken up the CCP appeal against the stay held that the commission was at liberty to perform its functions in respect of all matters except those agitated in the petition.

“By consent, adjourned to October 16,” the order said, adding that: “It is made clear to the learned counsel appearing for the parties that if learned counsel for the respondents failed to appear or proceed with the matter the injunctive order would stand vacated and in case if learned counsel for the petitioners failed to proceed with the matter, the petitions would stand dismissed.”

The order was passed when the CCP agitated before the court that as a result of the stay order passed by the SHC, its functioning had ground to a halt and it had for all purposes ceased to function.

The controversy between the CCP and the PBA emerged when the commission show-caused the association under the Competition Ordinance 2007 for floating a saving scheme called Enhanced Saving Account (ESA) because, according to the commission, the scheme was in violation of Sections 4(1) (2 a, c and f) of the ordinance and imposed a fine of Rs30 million on the PBA and Rs25 million on each of the guilty banks.