Law:

Section:

Banking Companies Ordinance (LVII of 1962}-----Ss.3(a) & 25(A)---State Bank of Pakistan BCD Circular No.6 of 1990, cl. (5)---Constitution of Pakistan (1973), Art.199---Constitutional petition---Information to State Bank of Pakistan---Grievance of petitioner was that State Bank of Pakistan had provided information to his Bank, which was collected in response to BCD Circular No.6 of 1990, resulting serious damage to his business---Validity---State Bank of Pakistan had developed a mechanism for collecting information from all Banks/NBFI's pertaining to their customers and their status available with them---Purpose of BCD Circular No.6 of 1990, was that from one source any financial institution might in its turn collect information about the financial status of a customer/their customers with other Banks enabling them to decide the course of their business transaction with them---Such mechanism could save financial institutions falling prey to defaulters and axis only aimed at to conduct transparent business and to provide financial institutions, who were holding depositor's funds, to took before they leap' with regard to financial commitment---Practice of collecting such information was in existence in number of countries---Only requirement of BCD Circular No.6 of 1990, was to intimate the authorities about default and liabilities of borrowers vis-à-vis Bank and not vice versa---Bank while informing State Bank of Pakistan, about financial status of petitioner, had not violated any provisions of the Circular---Constitutional petition axis dismissed in circumstances. JUDGMENT In this petition under Article 199 of the Constitution of Pakistan the petitioner prayed as under:-- "(a) To hold that without proper enquiry and consideration of facts insertion of name of petitioner in the list of the defaulters by respondent No.3, on the basis of the information given by respondent No.4 is illegal, unwarranted, bad before the eye of law, ab initio void and of no legal effect and liable to be corrected/deleted to the extent of petitioner's name from the list of defaulters. (b) To direct respondent No.3 to delete the name of petitioner from the list of defaulters…

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