The Supreme Court of Pakistan dismissed a petition filed by Rana Buland Akhtar against filing of a reference against him in a default case.
The counsel of Escort Investment Bank (EIB) contended that Governor State Bank of Pakistan (SBP) was competent, to refer the matter to NAB, as the petitioner has committed default in the payment of loan obtained by him for running the factory.
The court, after hearing both the sides at length, observed that the petitioner had availed the finance facility from EIB but defaulted.
According to details, petitioner had obtained a loan for Farhan Maize Industries (Pvt) Ltd, and when finally the company failed to pay the loan the EIB referred the matter to the Governor SBP for taking action.
The Governor SBP in accordance with the provisions of NAB Ordinance, 1999 referred the matter to NAB for inquiry and investigation on the ground of willful default.
The petitioner approached the High Court but it did not provide any relief. He, therefore, approached the Supreme Court of Pakistan, which upheld the decision of the High Court and dismissed the petition.
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