ISLAMABAD : The Islamabad High Court yesterday issued notices to the Finance Ministry and Privatisation Commission in a petition wherein Muslim Commercial Bank (MCB) has sought a NAB inquiry into privatisation of the bank to be declared as illegal.

The Division Bench of IHC comprising Justice Aamer Farooq and Justice Miangul Hassan Aurangzeb directed the Privatisation Commission and Finance Ministry to submit their reply.

Last week, the same bench had turned down MCB’s stay application against the NAB investigation regarding privatisation matter of the bank.

While rejecting the application, the IHC bench had ordered for inclusion of Finance Ministry and Privatisation Commission among the respondents.

On Monday, the IHC dual bench conducted the hearing of MCB’s application and adjourned the hearing till Tuesday (today).

In its application, MCB has been contending that the formerly government owned bank was purchased in an auction by observing all rules and regulations of the Privatisation Commission. And the NAB’s investigation is also time barred as an investigation agency could probe irregularities, if any, within the period of one year from the privatisation of a company/bank, but NAB initiated inquiry against his clients after seven years.

Therefore, MCB has been arguing that the NAB’s notices issued to MCB were illegal.