Law:

Section:

(a) Privatization Commission Ordinance (LII of 2000)-------Preamble & Part V--- Constitution of Pakistan, Art. 184(3)---Constitutional petition--- Privatization of--- Validity and legality of privatization---Private Foundation successfully bid for the Bank as the highest bidder, which was accepted by the Privatization Commission on 30th of December, 2003 as it found the Foundation's bid to be higher than the reference price---State Bank of Pakistan also provided their clearance for declaring the Foundation as successful bidder and Cabinet Committee on Privatization (Privatization Committee) accepted the recommendation of the Privatization Commission, and the Foundation paid the initial sale price and entered into an agreement on 26th of February 2004 with the Privatization Committee and the State Bank of Pakistan for the purchase of 51% share of the government stake in the Bank and for taking over the management of the Bank---Contention of petitioners was that privatization of Bank had been carried out in haste, in a non-transparent manner and on the desire of the International Monetary Fund (IMF)---Validity---Federal Government examined the issue of privatization of the Bank in the year 1995 and a summary was initiated, report was requisitioned from the Bank which among other things included taking ways and means to improve the performance of the Bank so as to make it a profit earning enterprise rather than a loss making entity for sale---Privatization Commission in December 1998, invited Expressions of Interest in relation to sale of 26% shares of the Bank and eight parties submitted the Expression of interest, and Commission thereafter, called for Statement of Qualification from potential bidders, but this process had to be abandoned in view of the military takeover in October, 1999---Privatization Commission Ordinance, 2000 was promulgated to provide a legal regime to the privatization process and the Commission appointed a firm of Chartered Accountants as the Financial Advisor for such exercise---Being dissatisfied with the number of statement of qualifications submitted in the year 2002, Commission once again called for Expression of interest in April…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492