A Three Member Bench of the Supreme Court (SC) has dismissed the appeal of National Bank Ltd. (NBP) today, maintaining the judgement in favor of Lahore High Court verdic given in 2016. The Stock prices went plummeting downwards as news broke, hitting the lower lock at PKR 55.13 in an instant.
Lahore high Court had directed the bank to release pensioners benefits during 2016. The bank estimated the liabilities it owed to amount to Rs 48 billion if the ruling was to go against it.
The release of funds may be delayed, as National Bank is expected to drag the proceedings by challenging the decision in a larger Supreme Court bench.