| Case ID |
05658806-e6c8-4f98-a75d-e9268e5a3296 |
| Body |
View case body. Login to View |
| Case Number |
D-181 of 2007 |
| Decision Date |
Jul 30, 2007 |
| Hearing Date |
|
| Decision |
In this case, the Sindh High Court addressed the applicability of State Bank of Pakistan BPD Circular No.29 of 2002 to the appellants, Messrs A.I. BROTHERS (PVT.) LTD. The court found that the trial court had erred in concluding that the appellants were not entitled to the benefits of the circular due to a failure to make a 10% payment. The appellants contended that the failure was not their fault, but rather that of the respondents, who argued incorrectly that the appellants were not entitled to the circular's benefits. The court admitted the appeal for hearing, highlighting that the contention required consideration given the significance of the circular in question. |
| Summary |
The Sindh High Court's ruling in Special High Court Appeal No.D-181 of 2007 centered around the interpretation of the State Bank of Pakistan BPD Circular No.29 dated 15-10-2002. The appellants, Messrs A.I. BROTHERS (PVT.) LTD., argued that they were entitled to the benefits of the circular, despite the trial court's ruling to the contrary. The core of the argument was that the failure to make the requisite 10% payment was not due to any action on their part but was instead a result of the respondents' erroneous claims. This case highlights the importance of understanding circulars issued by banking authorities and their implications for businesses. The court's decision underscores the need for careful examination of claims made by financial institutions against appellants seeking relief under these regulations. Keywords: Sindh High Court, BPD Circular No.29, banking regulations, legal appeal, financial institutions, business rights. |
| Court |
Sindh High Court
|
| Entities Involved |
NATIONAL BANK OF PAKISTAN,
Messrs A.I. BROTHERS (PVT.) LTD.
|
| Judges |
SABIHUDDIN AHMED C.J.,
MUHAMMAD AFZAL SOOMRO, J
|
| Lawyers |
Saalim Salam Ansari,
Farooq H. Naek,
Adnan Karim
|
| Petitioners |
,
Messrs A.I. BROTHERS (PVT.) LTD.
|
| Respondents |
4 others,
NATIONAL BANK OF PAKISTAN
|
| Citations |
2007 SLD 2750,
2007 CLD 1456
|
| Other Citations |
Not available
|
| Laws Involved |
State Bank of Pakistan BPD Circular No.29
|
| Sections |
Not available
|