Law:

Section:

(a) Civil Procedure Code (V of 1908)---------------O.XXIX, R.1---Subscription and verification of pleadings---Company---Articles of Association of the Company contained a clause authorizing the Chief Executive/Director of the Company to sign and verify the plaint-Chief Executive under OXKJX, R.1, C.P.C. was authorized to sign and verify the plaint. Iftikhar Hussain Khan of Mamdot v. Ghulam Nabi Corporation Limited PLD 1971 SC 550 ref. (b) Civil Procedure Code (V of 1908)- --S.9-Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), S.9---Suit for compensation and damages--Plaintiff, a company had applied to the Bank for opening of Letters of Credit; Bank charges were paid by the plaintiffs including the swift charges; plaintiffs were informed by the Bank that the letters of credit were opened and the copies of the relevant documents there provided to the plaintiffs; plaintiffs communicated the required information of letters of credit to the suppliers abroad, but the suppliers informed the plaintiffs that they had not received the letters of credit---Plaintiffs brought the facts to the Bank's notice mentioning the numbers of letters of credit in their letter and further told the Bank that the plaintiffs would be put to severe damage and their business would be affected---Evidence available on record showed that in spite of payment of all charges the letters of credit were not opened by the Bank, but copies of fake letters of credit were given to the plaintiffs----Plaintiffs could not fulfil their promises to the foreign suppliers as they had supplied the information received from the Bank to the foreign suppliers that the letters of credit were opened and the goods be sent---Bank having not opened letters of credit as admitted by the Bank, the plaintiffs had suffered loss to their reputation, business and goodwill due to acts of the Bank and thus they were entitled to compensation and damages---Plaintiffs, however, could not produce any evidence showing the specific financial loss of business because of the acts of the Bank, but had suffered loss of reputation and goodwill---Plaintiffs, therefore, were entitled to damages and compensation as…

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