http://www.dailytimes.com.pk/default.asp?page=2006\02\21\story_21-2-2006_pg7_27 Tuesday, February 21, 2006
Liquidation of Islamic Investment Bank: PHC seeks opinion on revival plan PESHAWAR: Peshawar High Court (PHC) on Monday directed the State Bank of Pakistan (SBP), the federal government and the Security Exchange Commission of Pakistan (SECP) to submit their comments on a revival plan for the Islamic Investment Bank (IIB) until February 27. Qismat International Pvt, a group of private companies, has shown interest in buying the bank which the SECP had declared `dead'. A single bench of the PHC, presided over by Justice Shah Jehan Khan Yousufzai, heard the petition filed against the liquidation of IIB. Hamid Farooq Durrani, the deputy attorney general (DAG), said that Qismat International Pvt should first deposit Rs 600 million in the bank and then consult the authorities concerned on its plan to revive the bank. The court directed Qismat group to deposit Rs 600 million in the bank's fixed deposit with the provision that it could get the money back with interest if respondents in the case or the depositors do not agree with the plan. The court also turned down a request by the National Accountability Bureau that the sale of bank should be advertised on the grounds that it would further delay the process, which would affect the depositors. Qausain Faisal Mufti, representing the Qismat group, said the group would deposit Rs 600 million as surety within a week and the court fixed March 6 for the next hearing. The group's revival plan for the IIB includes freezing the depositors money for a year, for which the interest will be paid. The group has demanded 70 percent discount on shares and an increase in its value from Rs 190 million to Rs 500 million in the market from SECP. The IIB was registered in Peshawar in 1992 and has branches in Peshawar, Mingora, Mardan, Hangu, Islamabad, Lahore and Karachi with its central support office in Karachi. akhtar amin -------------------------- Want to discuss this topic? Head on over to our discussion list, [EMAIL PROTECTED] -------------------------- Brooks Isoldi, editor [EMAIL PROTECTED] http://www.intellnet.org Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. OSINT, as a part of The Intelligence Network, is making it available without profit to OSINT YahooGroups members who have expressed a prior interest in receiving the included information in their efforts to advance the understanding of intelligence and law enforcement organizations, their activities, methods, techniques, human rights, civil liberties, social justice and other intelligence related issues, for non-profit research and educational purposes only. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/osint/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
