Sindh High Court puts off hearing on KSE petitions

Justice Gulzar Ahmed of High Court of Sindh (SHC) on Tuesday adjourned hearing of a law suit filed by two brokerage houses till Thursday morning after counsel for plaintiff objected to application by interested parties to join them as defendants or parties to the suit.The bench fixed 9 am for detailed hearing of the application after which a speaking order is expected The court also ordered continuation of the interim order issued on previous Saturday under which National Clearing Company Limited was restrained from taking action against the securities firm for possible default after removal of the floor from the stock exchanges.

The plaintiffs maintained that they have entered into CFS-MK scheme with NCC for purchase of securities in terms of the regulations prior to the imposition of floor on stock exchanges by Security Exchange Commission of Pakistan (SECP) on Aug 27. It was submitted that the SECP decided to remove floor from Dec 15 and there was a grave apprehension of crashing of market whereas CFS-MKII availed by the plaintiffs to be gravely affected.

It was also contended that under regulations NCC has to give a notice of 90 days for canceling the irreversible financial commitments. It was also submitted in the suit that government pledged to inject liquidity to the tone of rupees 20 billion but later retracted.

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