MCB BANK LTD. versus STATE BANK OF PAKISTAN THROUGH GOVERNOR
Sections 27 (4) (i) (ii) (iii) and 41 Constitution of Pakistan, Article 199 Constitution of Banking License, the previous effect of the cancellation of the Executive Order was a banking company and it was upset by the State Bank of Pakistan on the canceled circular. Was. Applicant's Banking License Validity State Bank of Pakistan was enjoying the option of canceling the banking license of any banking company if under the provisions of section 27 (4) (i) (ii) (iii) of the Ordinance of Banking Companies If the banking company's case falls into the abyss of the provisions. In the case of the applicants, 1962, no such situation was prevailing as provided under section 27 (4) (i) (ii) (iii) of the Banking Companies Ordinance, 1962. It was requested that, despite proper permission under the law, the action of the authorities to revoke the applicant's license was clearly done without jurisdiction and the State Bank of Pakistan was terminated and completely New terms were introduced in the executing agreement. With the buyers of the applicant bank shares, who were not sponsors of the applicant bank, it was beyond the powers conferred on the State Bank of Pakistan under section 41 of the Ordinance of Circular Banking Companies, 1962, as the applicant bank was an independent jurisdiction. Was and its shareholders were. Enjoying Separate Jurisprudence The State Bank of Pakistan's revocation of applicant's banking license and the issuance of a new banking license was illegal and without legal authority, the High Court declared that the applicant's original banking license should be considered effective. Ga and H
Related judgments — Lahore High Court Lahore, 2013
