| Case ID |
37f57334-9759-49fc-84f4-6dd496b08a10 |
| Body |
View case body. Login to View |
| Case Number |
Not provided |
| Decision Date |
Mar 03, 2005 |
| Hearing Date |
|
| Decision |
The Lahore High Court upheld the impugned award passed by the Judicial Officer of the Punjab Cooperative Board for Liquidation against the petitioner, Muhammad Ismail, for the amount of Rs. 29,29,700. The court found that the petitioner had failed to provide adequate evidence to support his claims regarding the adjustments made to his account. Despite the petitioner's assertions, the lack of proper documentation and the dubious conduct of the Branch Manager led the court to conclude that the adjustments were not genuine and had been manipulated to deprive the defunct Corporation of substantial funds. The court emphasized the importance of maintaining accurate financial records and held the petitioner liable for the outstanding amount, dismissing his petition for lack of merit. |
| Summary |
In the case adjudicated by the Lahore High Court, the petitioner, Muhammad Ismail, challenged an award made against him under the Punjab Undesirable Cooperative Societies (Dissolution) Act, 1993. The case revolved around financial transactions involving the defunct Pasban Finance Cooperative Corporation Ltd. The petitioner claimed to have made significant deposits and adjustments to his account shortly before the dissolution of the cooperative societies. However, the court found the evidence presented by the petitioner to be lacking, particularly regarding the documentation of cash deposits and adjustments. The court noted that the Branch Manager had acted suspiciously, providing the loan without adequate security and failing to maintain proper records. Ultimately, the court upheld the award against the petitioner, emphasizing the need for transparency and accountability in financial dealings. This case highlights the critical importance of maintaining thorough and accurate financial records, especially in cooperative societies, to prevent fraud and ensure the protection of stakeholders. Keywords such as 'Punjab Cooperative Board', 'financial transactions', 'judicial officer', 'cooperative societies', and 'legal accountability' are essential for understanding the complexities involved in this ruling. |
| Court |
Lahore High Court
|
| Entities Involved |
Punjab Cooperative Board for Liquidation,
Awais Brothers,
Pasban Finance Cooperative Corporation Ltd.
|
| Judges |
IJAZ AHMAD CHAUDHRY, J
|
| Lawyers |
Malik Riaz Khalid Awan for Petitioner.,
Syed Faizan Haider on behalf of Muhammad Ilyas Khan for PCBL.
|
| Petitioners |
MUHAMMAD ISMAIL
|
| Respondents |
PUNJAB COOPERATIVES BOARD FOR LIQUIDATION through Chairman and 2 others
|
| Citations |
2010 SLD 2600,
2010 CLC 684
|
| Other Citations |
Not available
|
| Laws Involved |
Punjab Undesirable Cooperative Societies (Dissolution) Act, 1993
|
| Sections |
11
|