In 1993 Ppp govt started this hudaibiya case, they jailed father of NS ( who had a heart operation ) and he ended up in PIMS just after 3 days. Long story short LHC quashed the allegations and no one had the balls to take it to SC.
the same case is registered in NAB and NAB always delays the case. Never gives the judgment.
Was it PPP who was stealing passports of Qazi Family in UK to open fake accounts ??? Btw it was Isaq Dar and we all know who he is...
Hearing in Sharifs’ loan case adjourned
Our Correspondent
Thursday, December 20, 2012
From Print Edition
LAHORE
The Lahore High Court Umar Ata Bandial postponed the hearing of petition filed by a consortium of banks for winding up of three units of Ittefaq Group in order to recover about Rs 3 billion loans from the Sharifs.
The court on previous date of hearing had directed the sale committee to submit written quotation about auction of these units. The court had also directed the committee to also invite international buyers by advertising in foreign newspapers.
A petition was filed by a consortium of banks including, National Bank of Pakistan, Habib Bank Ltd, United Bank Ltd, Zarai Taraqiati Bank of Pakistan, Muslim Commercial Bank, Picic Bank, First Punjab Mudarba and Corporate Law Authority in 1998 for winding up of three units of Ittefaq Group in order to recover about Rs 3 billion loans from the Sharif family. These petitioner banks had sought order for the recovery of their loan through auction of Ittefaq Foundries, Ittefaq Textile Mills and Khalid Siraj Industries as they had failed to fulfil their financial commitments made against loan given to them.
Petitioner banks prayed to order for the recovery of their loan through auction of Ittefaq Foundries, Ittefaq Textile Mills and Khalid Siraj Industries and other units as they had failed to fulfil their financial commitments made against loan given to them.
Meanwhile, a division bench of Lahore High Court on Wednesday deferred the hearing on 52 identical petitions filed in 1995 by members of Sharif Family challenging the alleged incorrect assessment of income tax.
Sharif family lawyer Tariq Aziz Malik had already submitted his written arguments before the bench of Justice Ijazul Ahsan and Justice Muhammad Farrukh Irfan Khan. On Wednesday, tax department counsel sought time for submission of reply and the court postponed the hearing till January 18.
Counsel for the Sharif family, submitted that the Income Tax Department had initially assessed the liability of Ittefaq Group and its directors at Rs 20 million but the same was raised to Rs 400 million during the first Benazir government.
During the first Nawaz Sharif government, tax department reduced it to Rs 20 million. However, during Benazir’s second tenure, Income Tax Department moved second government appeal and the tax amount was again raised to Rs 650 million.
He said the objection about the assessment was raised after 1,213 days instead of the normal 60 days period and as such this decision on face of it was illegal. He said it was mere victimisation and whole process of raising the tax amount was illegal.
He requested to declare the assessment made by the department after such a delay as illegal.
Killer gets death: Additional District and Sessions Judge Abdul Qayyum Khan on Wednesday awarded death sentence to a murder accused.
The court has also directed the convict, Khalil Ahmed, to pay Rs 200,000 as compensation to the victim’s heirs.
According to the case, Khalil Ahmed had murdered one Miraj Din on a property dispute in 2008.