Law: Companies Ordinance, 1984

Section: 282

Companies Ordinance (XLVII of 1984)--Ss. 282-E & 282-F---National Accountability Ordinance (XVIII of 1999), S.19---Constitution of Pakistan (1973), Art.199---Constitutional petition---Allegations of fraud committed by a Bank---Contention of the petitioner, a depositor of the Bank, was that matter of illegalities and irregularities committed by the Management of the Bank be referred to National Accountability Bureau for holding inquiry against Chief Executive and Directors of the bank in public interest and to safeguard the interest of creditors---Validity---National Accountability Bureau had no power to deal with the matter of financial institutions and even that could not be done without the permission of the State Bank of Pakistan---High Court, in peculiar circumstances of the case, and feeling that the business of the Bank might not be spoiled as the Bank in question had been purchased by a foreign company which had invested huge amount for redressal of grievance of the depositors including the petitioner, declined to issue any direction to the National Accountability Bureau, when so far there was no charge against the subsequent purchaser of the Bank---High Court observed that court would not pass the order which could spoil the business of any establishment working in a lawful manner however, petitioner could approach the authorities for the redressal of her grievance---Constitutional petition was dismissed. ORDER IJAZ AHMAD CHAUDHRY, J.---Through this petition under Article 199 of the Constitution of Islamic Republic of Pakistan, 1973 the petitioner has sought for issuance of direction to respondent No.8/NAB to launch an inquiry into the matter and criminal case/reference may be made against the responsible of huge fraud. 2. Precisely the facts as narrated in this petition are that the petitioner is widow and an old lady. In the year, 2005 she was informed about a scheme introduced by respondent No.7 which promised to pay decent profit on the amount deposited. The petitioner deposited five millions rupees with respondent No.7 and obtained deposit certificates for fixed profit on the said amount. After few months petitioner was shocked when she was…

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