| Citation(s) |
|---|
| 2003 SLG 2941 2003 SLD 2941 2003 CLD 1094 |
Sindh High Court
Constitutional Petitions Nos.525 and 669 of 2002, decision dated: 11-11-2002.
SABIHUDDIN AHMED AND ALI ASLAM, JAFRI, JJ
Anwar Mansoor Khan for Petitioner (in C.P.D. No. 525 of 2002). Malik Muhammad Qayyom for Petitioner (in C.P.D. No. 669 of 2002). Khalid Anwar for
Respondent No. 1. (in both Petitions). Shahid Anwar Bajwa for
Respondent No. 2 (in both Petitions).
Constitutional Petitions Nos.525 and 669 of 2002, decision dated: 11-11-2002.
SABIHUDDIN AHMED AND ALI ASLAM, JAFRI, JJ
Anwar Mansoor Khan for Petitioner (in C.P.D. No. 525 of 2002). Malik Muhammad Qayyom for Petitioner (in C.P.D. No. 669 of 2002). Khalid Anwar for
Respondent No. 1. (in both Petitions). Shahid Anwar Bajwa for
Respondent No. 2 (in both Petitions).
M. SALEEM SHEIKH
VS
. STATE BANK OF PAKISTAN through Governor and another
Law:
Section:
(a) Banking Companies Ordinance (LVII of 1962)-------Ss. 41-C & 41-A---Power of State Bank of Pakistan to remove Directors or other managerial persons from the office of Banking Company---Limitations---No order under S.41-A, Banking Companies Ordinance, 1962 shall be made except by the Governor of the State Bank of Pakistan on a report by Standing Committee---Any person or Bank aggrieved by an order of the Governor of the State Bank of Pakistan under S.41-A of the Ordinance may appeal to the Central Board of Directors whose decision shall be final. (b) Banking Companies Ordinance (LVII of 1962)--- ----Ss.41-C & 41-A---Power of the State Bank of Pakistan to remove Directors or other managerial persons from office of Banking Company---Scope---Regulatory power to safeguard the interests of a Banking Company or its depositors to secure proper management of Banks in the public interest vests in the State Bank in terms of S.41-A of the Banking Companies Ordinance, 1962---Provisions of S.41-C of the Ordinance, however, deal with the manner of exercise of such power and postulate three things that Standing Committee set up by the State Bank of Pakistan is required to examine the affairs of a Bank and no order of removal can be passed in the absence of a report of such Committee; that thereafter an order of removal can be made by the Governor of the State Bank of Pakistan giving the person opportunity of being heard and that an order of removal is subject to the incidents of an appeal to the Central Board of Directors. (c) Banking Companies Ordinance (LVII of 1962)--- ----Ss.41-A & 41-C---Constitution of Pakistan (1973), Art. 199---Constitutional jurisdiction of High Court ---Scope--¬Existence of alternate remedy---Requirements---Removal of Directors or other managerial persons of a Banking Company by the State Bank of Pakistan ---Validity--¬Alternate remedy must be equally efficacious and even otherwise Constitutional petition was always entertainable if the necessary factual material upon which an administrative Tribunal could assume jurisdiction did not exist---Whenever an administrative Tribunal unlawfully assumes jurisdiction an aggrieved party could…
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