| Citation(s) |
|---|
| 2002 SLG 2450 2002 SLD 2450 2002 PLD 228 |
Supreme Court of Pakistan
Civil Appeal No. 238 of 1999, decided on 6th November, 2001. (On appeal from the judgment and order of the Lahore High Court, Lahore, dated 18-3-1998 passed in I.C.A. No. 109 of 1998).
MUHAMMAD BASHIR, JEHANGIRI, MUNIR A. SHEIKH AND RANG BHAGWANDAS, JJ
Abid- Hassan Minto, Advocate Supreme Court and Ch. Akhtar Ali Advocate-on-Record for Appellant. Hamid Khan, Advocate Supreme Court for
Respondent. M. Rashid Awan, Advocate Supreme Court for
Respondent No. 2. Sardar M. Aslam, D.A.G. for
Respondent
Civil Appeal No. 238 of 1999, decided on 6th November, 2001. (On appeal from the judgment and order of the Lahore High Court, Lahore, dated 18-3-1998 passed in I.C.A. No. 109 of 1998).
MUHAMMAD BASHIR, JEHANGIRI, MUNIR A. SHEIKH AND RANG BHAGWANDAS, JJ
Abid- Hassan Minto, Advocate Supreme Court and Ch. Akhtar Ali Advocate-on-Record for Appellant. Hamid Khan, Advocate Supreme Court for
Respondent. M. Rashid Awan, Advocate Supreme Court for
Respondent No. 2. Sardar M. Aslam, D.A.G. for
Respondent
STATE BANK OF PAKISTAN, SECURITIES DEPARTMENT CENTRAL DIRECTORATE through Chief Manager, Lahore
Verses
NAVED AHMAD and 2 others
Law:
Section:
(a) Five Years Foreign Currency Bearer Certificate Rules, 1992--- ----S. 11---Public Debt Act (XVIII of 1944), Ss. 2(2)(a)(iii), 11 & 11(1-A)---Public Debt Rules, 1946, R.14---Constitution of Pakistan (1973), Arts. 1850) & 199-.-Supreme Court granted leave to appeal to consider as to whether High Court had rightly found that 8.11 of Five Years Foreign Currency Bearer Certificate Rules, 1992 was ultra vires of S.11 of Public Debt Act, 1944; that what was the nature of Foreign Currency Bearer Certificate, and could it be equated with a bond as had been found by the High Court; that whether Foreign Currency Bearer Certificates were governed by S.2(2)(a)(iii) of. Public Debt Act, 1944; that whether R.14 of Public Debt Rules, 1946 and S.11(1) of Public Debt Act, 1944, were attracted to the facts and circumstances of the case or S.11(1-A) of the Act would govern the situation and that whether in exercise of Constitutional jurisdiction, High Court could give finding as to genuineness of the claim of the respondent. (b) Five Years Foreign Currency Bearer Certificate Rules, 1992--- ----R. 11---Public Debt Act- (XVIII of 1944), Ss.2(2)(a)(i)(ii)(iii)(iv)---- stamp Act (II Of 1899), S.2(5)---Foreign Currency Bearer Certificate, whether bond or Government security---Such certificate could not be construed to be a bearer bond falling under S.2(2)(a)(iii) of Public Debt Act 1944, thus, reliance upon definition of "bond" as given in Stamp Act, 1899 and other Statutes and dictionary meaning of expression "bond" would riot be proper---Such certificates were Government securities, a category apart from securities falling under S.2(2)(a)(i)(ii)(iii) of Public Debt Act; 1944, which would fall within the ambit of S.2(2)(a)(iv) of the Act. (c) Five Years Foreign Currency Bearer Certificate Rules, 1992--- ----R. 11---Public Debt Act (XVIII of 1944), Ss. 2(2)(a)(i) to (iv), 11(1) & 11(1-A)---Foreign Currency Bearer Certificate---Issuance of duplicate -certificate---Such certificate being a Government security notified in pursuance of S.(2)(a)(iv) of Public Debt Act 1944, would be governed in matter of issuance of duplicate certificate by S11(11-A) of the Act, providing a…
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