IHC directs Finance Division to provide rationale for suspension of NBP president

News Image

By MG News | September 10, 2018 at 02:18 PM GMT+05:00

0:00

September 10, 2018: A single member bench of Islamabad High Court (IHC), presided by Justice Athar Minallah, has directed the finance division to submit to file a para-wise response and rationale in support of their suspension order of National Bank of Pakistan (NBP) president Saeed Ahmad within one week.

In case of failure, the judge has directed that the Finance Secretary should appear personally to explain the reason.

Petitioner Saeed Ahmed through his counsel Faiz Rasool Jalbani had challenged the federal cabinet’s notification of August 28, which suspended him on the National Accountability Bureau’s (NAB) request.

In an earlier hearing, Justice Athar had sought a reply from the federal government over the removal of former NBP president Saeed Ahmad. However, the government had not submitted its response during Monday’s hearing thereby irritating the judge who then directed the Finance Division to file a parawise response and rationale within one week in support of their suspension order.

Justice Athar also acknowledged and accepted Saeed Ahmad’s council, Faiz Rasool Jalbani’s stand that the suspension had aggrieved Saeed Ahmad and caused stigma for the petitioner.

In the petition, the counsel Jalbani stated that Ahmed’s appointment is contractual in essence and he has not breached any term/condition fixed by the government in view of the Section 11 (3) (a) of the Banks (Nationalization) Act, 1974.

Jalbani said that neither the petitioner has done nor has been alleged to have done the acts/omissions which may/might render him liable to removal in view of Sections 11 (3) (b) (c) and 11(12) of the banks’ 1974 act.

He said Ahmed has never been summoned by the federal government for explaining his position and no show cause notice has ever been issued.

In addition, he said no charge has been framed by the department against him and no departmental proceedings are pending against him. The petitioner has maintained that the notification is arbitrary, fanciful, whimsical, capricious and repugnant to the conscience. He has requested that the notification is not sustainable and liable to be set aside.

There was another application made by a union person to join Government action against the petitioner. However, the judge simply threw that out and told the applicant not to make a mockery of the judicial system.

Principal Secretary to the prime minister, federal government through finance, cabinet division and establishment division secretaries, the State Bank of Pakistan and the NBP through its secretary board of directors’ are respondents in the case.

The case has now been adjourned till September 24.

 

Related News

Name Price/Vol %Chg/NChg
KSE100 132,576.99
161.03M
-0.62%
-826.20
ALLSHR 82,983.68
903.36M
-0.25%
-204.38
KSE30 40,358.80
56.86M
-0.72%
-292.66
KMI30 190,727.32
67.92M
-0.71%
-1356.60
KMIALLSHR 55,698.48
457.08M
-0.27%
-149.22
BKTi 36,242.06
11.15M
-0.50%
-180.82
OGTi 28,323.42
10.71M
-0.40%
-114.19
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 111,470.00 112,170.00
111,420.00
-775.00
-0.69%
BRENT CRUDE 70.17 70.22
69.91
-0.02
-0.03%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.45
1.51%
ROTTERDAM COAL MONTHLY 108.00 109.00
107.95
0.90
0.84%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.32 68.39
68.04
-0.06
-0.09%
SUGAR #11 WORLD 16.54 16.61
16.08
0.41
2.54%

Chart of the Day


Latest News
July 10, 2025 at 06:22 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 09, 2025 at 11:58 PM GMT+05:00

Auction Result: Govt raises Rs1.5tr through T-bills


July 09, 2025 at 05:27 PM GMT+05:00

Gold price in Pakistan falls Rs3,000 per tola


July 09, 2025 at 05:26 PM GMT+05:00

UBL crowned top performing Primary Dealer in FY25



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg