2007 PLP 938 (YLR)
FIRST PAK MODARABA — Petitioner Versus NAB and another — Respondents
| Citation | 2007 PLP 938 (YLR) |
| Forum / Court | Karachi |
| Bench Members | Sarmad Jalal Osmany and Azizullah M. Memon, JJ |
| Parties | FIRST PAK MODARABA — Petitioner Versus NAB and another — Respondents |
| Primary Law | National Accountability Ordinance (XVIII of 1999) |
Q1: What are the key laws and sections cited in 2007 PLP 938 (YLR)?
This judgment primarily cites: National Accountability Ordinance (XVIII of 1999) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2007 PLP 938 (YLR)?
The case was heard and decided by the Karachi bench comprising: Sarmad Jalal Osmany and Azizullah M. Memon, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2007 PLP 938 (YLR) (FIRST PAK MODARABA — Petitioner Versus NAB and another — Respondents). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Saalim Salam Ansari for Petitioner.
- Shafiq Ahmed for Respondent-Bank.
- To this proposal learned counsel for petitioner-Company has agreed.
Headnotes / Summary
S.18
Constitution of Pakistan (1973), Art.199
Constitutional petition
Reference by National Accountability Bureau
Petition by consent of parties, was disposed of by ordering that petitioner company would not entertain any application for transfer of its shares from the shareholders
Petitioner company would be allowed to operate its account with respondent-Bank; however it was also ordered that since the rights of individuals were involved, National Accountability Bureau would move Accountability Court for obtaining a freezing order in so far as those shares were concerned, within specified period. Ainuddin Khan, A.D.P.G. for NAB.
Judgment & Decree
SARMAD JALAL OSMANY, J.
Today learned D.P.G., NAB as well as learned counsel for the Bank have stated that they would not object if the petitioners were allowed to operate their bank accounts maintained with the respondent-Bank if the dividend warrants in respect of the shares of the petitioner company held by Rashidullah Yaqoob and his family members/friends etc. as benamidars are not released by the petitioner. Learned D.P.G. further says that such list at page No.143 of the petition and in fact has been filed by the petitioner itself along with the petition. Learned D.P.G. further submits that it may also be ordered that such shares would not be transferred by the petitioner to any other person nor would be encumbered. So also to these shares would be added those shares a list of which would be supplied by the NAB to the petitioner-Company. To this proposal learned counsel for petitioner-Company has agreed. Consequently by consent this application is disposed of by ordering that the petitioner-Company shall neither entertain any application for transfer of its shares from the shareholders whose names appear at page No.143 of the petition nor release any dividend warrant to the said shares-holders. Such restriction shall also apply in respect of those shareholders' whose names shall be supplied by the NAB Authorities to the company. The petitioner-Company would be allowed to operate its accounts with the respondent-Bank. However, it is also ordered that since the rights of individuals are involved the NAB Authorities shall move the learned Accountability Court for obtaining a freezing order insofar as these shares are concerned within one month from today, failing which that part of the order regarding the transfer of the share/release of the dividends shall cease to operate. Application is disposed of on the basis of the foregoing. H.B.T./F-2/K Order accordingly.