Law: Banking Companies Ordinance, 1962

Section: 27

(a) Agreement---Amendment--- Principle--- Concluded and performed agreement cannot be amended or altered without consent of party concerned unless there is allegation of fraud and misrepresentation against affected party. (b) Order--- ----Retrospective operation--- Scope--- Such operation cannot be given to an executive order for usurping contractual rights and obligation already accrued. Mian Muhammad Nawaz Sharif v. President of Pakistan and others PLD 1993 SC 473 rel. (c) Interpretation of statutes--- ----Retrospective effect--- Scope--- Enactment which prejudicially affects vested rights or legality of past transactions or impairs contract, cannot be given retrospective operation. Federation of Pakistan and others v. Shaukat Ali Mian and others PLD 1999 SC 1026 rel. (d) Banking Companies Ordinance (LVII of 1962)--Ss. 27(4)(i)(ii)(iii) & 41--- Constitution of Pakistan, Art.199--- Constitutional petition--- Banking licence, cancellation of---Executive order---Retrospective effect---Petitioner was a banking company and it was aggrieved of circular issued by State Bank of Pakistan cancelling banking licence of petitioner---Validity---State Bank of Pakistan was enjoying powers to cancel banking licence of any banking company, if banking company's case fell in the mischief of provision under S.27(4)(i)(ii)(iii) of Banking Companies Ordinance, 1962---No such situation was prevailing in the case of petitioner as provided under S.27(4)(i)(ii)(iii) of Banking Companies Ordinance, 1962---Petitioner had only applied for change of name that too after proper permission under the law, so action of authorities to cancel licence of petitioner was patently without any jurisdiction and was void ab initio---State Bank of Pakistan through circular in question introduced new terms in concluded and fully performed agreement with the purchasers of shares of petitioner bank, who were not sponsors of petitioner bank---Circular in question was beyond the powers conferred upon State Bank of Pakistan under S.41 of Banking Companies Ordinance, 1962, as petitioner bank was an independent juristic entity and its shareholders were enjoying separate juristic status--- Order of State…

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