Law: Companies Ordinance, 1984

Section: 82

Law: Constitution of Pakistan, 1973

Section: 199

(a) Constitution of Pakistan (1973) Art. 199 Constitutional petition Mala fides Effect Mala fides on the part of the petitioner, would disentitle him to seek any relief from High Court in its Constitutional jurisdiction. (b) Companies Ordinance (XLVII of 1984)---S.82(2)(3) Banking Companies Ordinance (LVII of 1962), S.11(1), First proviso, cl.(c) Constitution of Pakistan (1973), Art. 185(3) Privatisation of Bank Sale of shares ¬Petitioner according to the contract was under obligation to purchase the shares owned by the Federal Government but it failed to fullfil its obligation Federal Government on the recommendations of Privatisation Commission intended to sell its shares to general public Petitioner had assailed such act of the Government in Constitutional petition before High Court Constitutional petition as well as Intra Court Appeal before the High Court were dismissed Contention of the petitioner was that the transfer of shares by the Federal Government was violative of S.82(2)(3) of the Companies Ordinance, 1984 and S.11(1), first proviso, cl.(c) of the Banking Companies Ordinance, 1962 Validity Arrangement for the sale of the shares owned by the Government to the general public was not violative of S.82(2)(3) of the Companies Ordinance, 1984 and S.11(1)(c), proviso of the Banking Companies Ordinance, 1962 Petitioner could not be paid any premium under the law of the land or under the agreement for lapses on the part of its own members Petitioner, in the present case, was neither interested to purchase the shares nor was permitting its sale in favour of the general public Such act of the petitioner was mala fide and devoid of merits Leave to appeal was refused. JUDGMENT SH. RIAZ AHMED, J. This order shall dispose of Civil Petition No.818 L of 1999 preferred by Allied Management Group v. Federation of Pakistan and others and is directed against the judgment and order dated 21st of April, 1.999 delivered by a Division Bench of the Lahore High Court in I.C.A. No.295 of 1999 whereby, the order dated 18 3 1999 of a learned Single Judge rendered in Writ Petition No.4539 of 1999 was sustained. Relevant facts in brief giving rise to the institution of this…

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