MUHAMMAD ASHRAF versus UNITED BANK LIMITED THROUGH PRESIDENT
Article 199 Contract Act (IX of 1872), Section 23 Constitutional Application Unilateral reduction of the profit rate on the schemes of investment by the banker and the investment certificate by the consumer, the dispute of the banks was that in the agreed rate of profit Such a request did not justify the Bank's move to reduce the profitability of the bank in terms of changing account opening form which allowed banks to adjust the rate of profit and reduce it according to changing circumstances. Profit on the brochure specified in the certificates purchased by the depositors through the fixed rate payment There was a provision for payment, there was no provision for a unilateral reduction in the agreed profit rate anywhere in the public notices listed in Print Media and Certificates (MMC), in the account opening form, no matter the terms contained in the certificate itself. Which is the largest document without our account holder, can buy the certificate, therefore, any condition mentioned in the form will not terminate the express condition in the certificate of unilateral reduction in the agreed rate of profit, The account opening form mentioned was controversial, discriminatory and against public policy and therefore The non-effective action of banks enacted under Section 23, Contract Act, 1872, whereby the profit / profit rate on investment certificates was reduced unilaterally, with no legal authority and no legal effect on it. The impact was announced. Legally collectors were obliged to pay the profits, on unanimous terms, as expressly included in the certificate to the collector.
Related judgments — Lahore High Court Lahore, 2009
