Law:

Section:

Government of Gilgit-Baltistan Order, 2018--- ----Art. 86---Writ petition---Scope---Government of Gilgit-Baltistan (Government) initiated correspondence with the State Bank of Pakistan (State Bank) for conversion of the concerned Co-operative Bank into Microfinance Bank---Request of the Government was considered by the State Bank subject to fulfillment of certain legal requirements viz. acquisition of majority share of Co-operative Bank by the Government---Shareholders of Co-operative Bank placed a question mark on the constitution of fresh Board of Directors (BoDs), which as per their contention was constituted against their consent---Clause 24 of the Byelaws of Co-operative Bank provided the manner of election/nomination of BoDs without any obscurity---General Manager in consultation with the Registrar could nominate members of BoDs---Said clause by no means stated that the BoDs would be selected in the Annual General Meeting having participation of shareholders---Another writ petition was filed by officials of the Co-operative Bank seeking direction to the Chairman of the Co-operative Bank and Secretary Finance to expedite the process towards fulfilment of conditions set by the State Bank in the larger public interest---Clause 2(P) of the Byelaws of Co-operative Bank provided that the shareholders could be an individual or government, or any other co-operative society, etc., which meant that there was no legal impediment if the Government acquired majority shares---Writ petition filed by shareholders was dismissed and that filed by officials of Co-operative Bank was accepted with directions to the Chairman and Secretary Finance to accelerate the process regarding fulfilment of all conditions as required by State Bank of Pakistan. JUDGMENT MALIK HAQ NAWAZ, C.J.--- Since a common question of law and similar facts are involved in the above titled writ petitions, therefore, we deem it congenial to decide both petitions through this single consolidated judgment. 2. Writ Petition No. 305/2019 has been filed under Article 86(2) of Gilgit-Baltistan Order, 2018 by the Shareholders of Karakuram Co-operative Bank Gilgit-Baltistan (hereinafter referred as KCBL) with the…

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