Dear
Sirs,
The
Honorable High Court of Sindh in a judgment on Constitution
Petition
No. D-1896/2000
has issued following directions:
Quote:
“ We are of the considered opinion that the only pragmatic
and practicable solution is that in all such cases the pending
proceedings should be kept in abeyance with directions to
the concerned authorities to serve a 30 days statutory notice
on each alleged willful defaulter providing opportunity to
submit explanation if any or to pay or return or re-pay the
amount to any Bank, financial institution, cooperative society
or a Government department or a statutory body or any authority
established or controlled by the government, the amount due
and if the amount due is paid, returned or re-paid
within 30 days of the service of statutory notice then it
would not be a case of willful default and necessary steps
shall be taken for withdrawal from prosecution and release
of the accused. If the amount due is not paid with 30 days
of the service of statutory notice as above, then a 7 days
notice shall be served on the alleged defaulter to satisfy
the Governor State Bank of Pakistan, that he has not committed
any default. If an alleged defaulter is able to satisfy the
Governor State Bank of Pakistan that he has not committed
a willful default then the recommendations of the Governor
State bank of Pakistan recorded in writing with reasons therein
shall be submitted for final decision of the Accountability
Court. If an alleged defaulter fails to pay or return or re-pay
the amount due to the Bank, financial institution etc, with
in the statutory period of 30 days of service of notice and
alleged defaulter further fails to satisfy the Governor State
Bank of Pakistan within additional 7 days period that he has
not committed any willful default and the Governor State Bank
of Pakistan holds the alleged defaulter to have prima-facie
committed the guilt of willful default in his recommendations
for the reasons recorded therein the Accountability Court
my re-commence the proceedings from the stage where it was
kept in abeyance.” Unquote.
The
Banks/NBFIs are advised to comply with above orders of Hon’ble
High Court of Sindh.
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