Law: Defence Saving Certificates Rules, 1966

Section: Rr.2,547

Law: Constitution of Pakistan, 1973

Section: 199

Defence Saving Certificates Rules, 1966-- ----Rr. 2 & 547--Constitution of Pakistan, 1973, Art. 199--Constitutional Petition--Purchasing of defence saving certificates--Maturity period was 10 years--Amount of Rs. 5,25,000/- was payable on each one lach--Issuance of Legal Notice for outstanding amount--Change of rules--Prior to change in rules notice was required--Prospective effect--Direction to--Under rule 2 of Defence Savings Certificates Rules, 1966, a person who buys a certificate shall be bound by these rules--Under Chapter XI-PROFIT PAYABLE ON CERTIFICATES, thereof exact amount is payable, which shall include profit and bonus on each denomination of certificate on completion of specific period from date of issue of certificate--Respondents are bound under Article 4 of Constitution to act in accordance with law and law in present case requires them to make payment on profit mentioned on certificates at time of their maturity--Unilateral reduction in agreed rate of profit unconscionable, discriminatory and against public policy, therefore, is unenforceable--Petition was allowed. THIS JUDGMENT DELIVERED BY: ALI BAQAR NAJAFI, JUSTICE---.--- Through this constitutional petition the petitioners have made the following prayers: "In view of the above-said submissions, it is most respectfully prayed: 1. That the instant writ petition may very graciously be accepted with costs; 2. That the respondents may kindly be directed to refrain from reducing the above stipulated amounts payable to the petitioners respecting the above referred Defence Saving Certificates (DSCS). 3. That the respondents may very graciously directed to pay to the petitioners the above referred stipulated amount of Rs. 5,25,500/- and Rs.2,62,500/- in respect of the Defence Saving Certificates (DSCS) of Rs.1,00,000/- each and Rs.50000/- each respectively, on presentation of said Certificates. 4. That any other appropriate relief which this Honourable Court deems fit in the circumstances of the case, be also awarded and accorded to the petitioner." 2. Brief facts giving rise to the filing of this writ petition are that in anticipation of a secured investment and to ensure the provision of…

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