Law:

Section:

Banking Companies Ordinance (LVII of 1962)-------Ss. 83 (1-A) & 41 (A)---Constitution of Pakistan (1973), Art. 199--­Petitioners seeking direction of High Court to State Bank of Pakistan to make complaint in writing to High Court for trial of Chief Executive of the Bank in question, for having misused his office for gaining undue benefits for himself and members of his family---Governor State Bank of Pakistan to whom complaint was addressed by petitioners had stated in his order that material placed before him by petitioners had fully been considered but conditions prescribed by law were not satisfied entitling and empowering State Bank to take action in the matter---Manifestly it was not for High Court to make such direction, and that "too in a premature manner---Petitioners, for such purpose should first approach State Bank for the fact that their earlier application was made under S. 41-A, Banking Companies Ordinance, 1962 and the Governor had taken cognizance thereof, under that section and not under S. 83 of the Ordinance---Petitioners would be at liberty to address such complaint afresh within 2/3 weeks, and Governor State Bank would make a well-considered, objective and honest determination, in accord with the larger interests of the institution and the State, within a stipulated period---In case of default in performance of statutory duty, patent on record on the part of the Governor, petitioners, if they felt aggrieved and were really wronged, and were not actuated by malice and ill-will, or were not prompted or propelled by vested interests or evil designs, could again approach the High Court for redress of their grievance, if any. ORDER On privatization of the Allied Bank of Pakistan, Mr. Khalid Latif, respondent No.1, according to Raees Azam Khan etc. writ petitioners, members of the Limited Banking Company, had usurped the office of the Chief Executive and had misused the same for gaining undue benefits for himself and for members of his family, warranting his prosecution under the relevant provisions of the Banking Companies Ordinance, 1992 [under section 83(1-A)], and justifying his removal alongwith other `usurpers', in terms of section 41…

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