Law:

Section:

(a) Banking Companies Ordinance (LVII of 1962)-------S.41---Constitution of Pakistan (1973), Art. 199---Constitutional petition----Banker and Customer---Withdrawal of rate of profit at agreed rate and unilateral reduction of return by Banks on "Profit Schemes"---Conditions contained in the Certificates of schemes were concluded contract and the obligations of parties were to be performed according to these conditions---Depositors in the schemes, could invest without being an account-holder, which fact, by itself, signified that conditions contained in the Account Opening Form" had no application to the investments under the Scheme---Fixed deposit for a fixed period on fixed rate of profit on fixed mode of payment, could not be stretched to fall within the "Profit and Loss Sharing System" of the Banks---Principles. Muhammad Javed Anjum v. Industrial Development Bank of Pakistan Writ Petition No.4095 of 2003 and I.C.A. No.68 of 2004 rel. (b) Banking Companies Ordinance (LVII of 1962)--- ----S. 41---Constitution of Pakistan (1973), Arts.199 & 18---Constitutional petition---Theory of State action and doctrine of public trust'---Applicability---Scope---Banker and Customer---withdrawal of rate of profit at agreed rate and unilateral reduction of return by Bank on Profit Scheme---Grievance of the depositors was not only that Banking Company had breached the terms of contract but the contract involved the public interest and Bank and under the cover of act of omission on the part of State Bank of Pakistan, was running the banking business detrimental to the interest of public as well as the depositors---Whenever it was found that a banking company was conducting its affairs in a manner, detrimental to the interest of its depositors, the State Bank of Pakistan being regulatory body, was bound to issue directions in the public interest---Transaction of banking business, by a company licensed by State Bank of Pakistan to do so, was a "public purpose", and a Bank was performing this function-Delayed action or inaction on the part of State Bank of Pakistan, in the affairs of such companies could be judicially reviewed in the exercise of powers conferred under Art.199 of…

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