Law:

Section:

(i) Banking Companies Ordinance, 1962-- ----S. 25-A--Constitution of Pakistan, 1973, Arts. 4, 18, 25 & 199--Sugar production companies--Lease Finance agreements--Dispute arose and referred to sole arbitrator--Decision of arbitrator--Money paid--Award accepted--Names were not cleared--Assailed--Liabilities--Validity--Petitioners as per award have paid off their liabilities, respondent has conveyed acceptance of award which is further affirmed by encashments of the cheques presented by the petitioner to arbitrator--Held: Action of respondent regarding placement of the petitioners on the CIB list without notice and without ascertaining the geniuses of the information is violative of articles 4, 18 and 25 of the Constitution of of Pakistan--Impugned placement of petitioners on CIB list declared without lawful authority and with no legal effect. [P. ] E & F 2005 CLD 1830; 2003 SCMR 629; PLD 1999 SC 1126; 2003 SCMR 1547 and 2006 CLD 55, referred. (ii) Constitution of Pakistan, 1973-- ----Arts. 18 & 199--Placement of names on the CIB list--Non issuance of notice--Validity--The act of black listing or preventing a company from the privilege and advantages of entering into a lawful relationship with to bank for the purpose of gain, is violative of Art. 18 of the Constitution--The consequences of black listing a person, are of great magnitude and warrant that before taking such action there should be a fair and proper trial, through an impartial Court or Tribunal--Held: If the name of a person is brought on the list without any verification, it will adversely affect the reputation as well as the business of such borrower--Further held: Before such placement, the concerned individual is entitled to notice. [P. ] B, C & D (iii) Constitution of Pakistan, 1973-- ----Art. 199--Credit Information Bureau--Collection of data--Primary purpose and object--Primary purpose of collecting information is to equip all banks and NBFIs, about their customers and financial status, available with them--The object is to enable bank/DFIs to decide the course of their business transaction with their customers so that financial institution may not be deceived by the defaulters.…

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