Law: Banking Companies Ordinance, 1962

Section: 41

(a) Banking Companies Ordinance (LVII of 1962)---S.41-A---Removal of directors or other managerial persons---Powers of State Bank---Object---Provision of S-41-A of Banking Companies Ordinance, 1962, was introduced in order to maintain purity of Banking Institutions. Drug Inspector v. F. A. Zuberi and others 1986 CLC 2197 rel. (b) Constitution of Pakistan (1973)----- ----Art.199---Constitutional jurisdiction---Alternate remedy--­Availability---Effect---Where statute creates a right and also provides machinery for the enforcement of that right, the party complaining of breach of the statute must first avail himself of the remedy provided by the statute for such breach before he applies for a writ or order in the nature of writ. Tariq Transport Company v. Bhera Bus Service Sargodha PLD 1958 SC (Pak) 437; Imtiaz Ahmad v. Ghulam Ali PLD 1963 SC 382; Anjuman Arhtian Khanpur v. Province of Punjab PLD 1990 Lah.32; Ch. Muhammad Sadiq v. Muhammad Nawaz 1980 CLC 952; Messrs Punjab Club v. EOABI 1991 PLC 72 and Postmaster General v. Custodian Evacuee Property Sindh 1990 CLC 861 rel. (c) Banking Companies Ordinance (LVII of 1962)--- ----Ss. 41-A & 41-C---Constitution of Pakistan (1973), Art. 199---Constitutional, petition---Maintainability---Alternate adequate remedy---Petitioner was Regional Manager of a Bank and State Bank had issued show-cause notice to him in exercise of powers under S.41-A of Banking Companies Ordinance, 1962---Show-cause notice was assailed by the petitioner before High Court by invoking jurisdiction under Art.199 of the Constitution---Contention of the authorities was that the petitioner had alternate remedy under S.41-C of Banking Companies Ordinance, 1962---Validity--­Availability of adequate alternate remedy barred the Constitutional remedy under Art. 199 of the Constitution and absence of alternate remedy was a pre-requisite for invocation of Constitutional jurisdiction---High Court was to be satisfied that such projected adequate remedy was in reality an adequate one, in the sense of being equally expeditious, beneficial and efficacious---Remedy of appeal to Central Board of Directors under S.41-C (2) of Banking Companies Ordinance, 1962,…

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