Law: Banking Companies Ordinance, 1962

Section: 47

Law: Constitution of Pakistan, 1973

Section: 199

Banking Companies Ordinance (LVII of 1962)---   ----S. 47---Constitution of Pakistan (1973), Art.199 --Constitutional petition---Scheme of amalgamation of a corporation with Bank--Imposition of moratorium--Services of petitioner who was serving in Bankers Equity Limited in Officer Grade-III were absorbed in Grade-II. and her services were transferred to respondent National Development Finance Corporation---Federation of Pakistan imposed moratorium on the Corporation and advised to finalize the Severance Scheme for the employees---Corporation was amalgamated/merged with National Bank of Pakistan and all assets and liabilities of the Corporation were immediately taken over by National Bank of Pakistan who had undertaken to verify all allocations in respect of existing liabilities---Petitioner had claimed all benefits under the scheme---National Bank of Pakistan had raised objection about maintainability of such petition and urged that employees of the Corporation were entitled to benefit under the scheme of amalgamation of corporation with National Bank of Pakistan in terms of S.47(8) of Banking Companies Ordinance, 1962---In view of position emerging with the amalgamation scheme and National Bank of Pakistan- having observed the scheme, claim of petitioner could not be allowed---It would be open to petitioner to approach respondent No.1 to consider granting similar benefit in the interest of equity and fairness which was granted to other employees in similar circumstances. ORDER The petitioner was a Government employee of Bankers Equity Limited (BEL) in Officer Grade-III subsequently as per approval of the Board of Directors of the respondent No. 2 her services were absorbed in next higher grade i.e. Officer Grade-II in the permanent employment availed all benefits under the Service Regulations pursuant to the absorption at the request of respondent No. 2 petitioners services were transferred to respondent No.2. National Development Finance Corporation, General Provident Fund, contribution to pension upon adjustment of the loan, advances were paid to respondent No. 2 through cheque dated 4th March, 1998 and the process of the absorption between two…

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