Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 25
September 22, 2000  

The Chief Executives,

All Banks/NBFIs,

Dear Sirs,

CANCELLATION OF LICENCE OF INDUS BANK LTD

This is to notify for the information of all banks/NBFls that exercising the powers vested in him under the Banking Companies Ordinance, 1962, the Governor, State Bank of Pakistan has cancelled the Licence of lndus Bank Limited. Furthermore, the Honourable High Court Peshawar vide order dated 22nd September, 2000 has directed subject to notice for 9-10-2000 and till further order that all the authorization and powers presently exercised and vested in the Chairman and all other officials of the lndus Bank, are suspended/cancelled and Mr. M. Aslam Sethi has been appointed as a Provisional Manager who shall take into his possession/custody and under his control all the record of the bank consisting of books, property, effects and actionable claims, etc. belonging to the bank.


Yours faithfully,
(Jameel Ahmad)
Additional Director

       
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