Supreme Court dismisses Allied Bank's appeal in employees' pension case

News Image

By MG News | January 17, 2020 at 05:11 PM GMT+05:00

0:00

January 17, 2020: The Supreme Court (SC) on Friday turned down an appeal of Allied Bank of Pakistan against the decision of Peshawar High Court (PHC) in a case pertaining to pension freezing of employees.

A division bench of the top court headed by Justice Mushir Alam heard the case filed by the management of Allied Bank.

During the outset of hearing, the counsel for employees stated that the management had taken no approval from board before freezing the pensions of employees.

However, the bank management adopted the stance that the pensions had been frozen in 2002 after the approval of board of directors of the bank.

The management prayed the court to dismiss the decision of PHC.

After hearing arguments from both sides, the court maintained the orders of high court and dismissed the appeal.

It may be mentioned here that around 6000 employees of the bank would be able to receive pensions in accordance of their scales at time of their retirements.

APP

Related News

Name Price/Vol %Chg/NChg
KSE100 125,627.31
258.99M
1.00%
1248.25
ALLSHR 78,584.71
1,142.41M
1.16%
904.89
KSE30 38,153.79
69.25M
0.63%
238.06
KMI30 184,886.50
91.38M
0.01%
13.72
KMIALLSHR 53,763.81
554.57M
0.54%
290.61
BKTi 31,921.68
33.15M
1.78%
557.94
OGTi 27,773.98
9.65M
-0.40%
-112.21
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,630.00 108,105.00
107,505.00
-605.00
-0.56%
BRENT CRUDE 66.41 66.63
66.34
-0.33
-0.49%
RICHARDS BAY COAL MONTHLY 97.00 97.00
97.00
1.05
1.09%
ROTTERDAM COAL MONTHLY 107.65 107.65
105.85
1.25
1.17%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 64.75 65.02
64.67
-0.36
-0.55%
SUGAR #11 WORLD 16.19 16.74
16.14
-0.52
-3.11%

Chart of the Day


Latest News
July 01, 2025 at 06:00 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


June 30, 2025 at 11:55 PM GMT+05:00

TRG: Dominos Tumbling for the Management



Top 5 things to watch in this week

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