SHC reserves verdict in Badla financing case

KARACHI - A single bench of the Sindh High Court (SHC) on Thursday reserved the verdict on a petition filed by six institutions pleading to become a party in the Badla financing settlement (Continuous Funding System (CFS) MK-11) case while the court extended the stay order till next hearing. The bench comprising Justice Gulzar Ahmed held the hearing where the lawyers from both sides furnished their arguments. Abid Zubairi, Qazim Hassan and Abdul Qayyum Abbasi Advocates appeared on behalf of the six financial institutions including MCB Dynamics Cash Fund, Pakistan Income Fund, Nafa Income Fund, Napa Cash Fund and United Money Fund. Abdul Hafeez Pirzada and Munir A. Malik, who were representing the KSE brokers, argued that none of the above-mentioned financial institutions had made any agreement with the KSE brokers to become a party in the petition and requested the court to bar these institutions from becoming party in same petition. Lawyers, representing the institutions submitted their comments before the court, saying that financers in CFS market had invested substantial amounts in the CFS market. They said that due to stay order on the CFS market transactions, these financers had been facing huge losses. The lawyers requested the court to remove stay order on CFS market to avert further losses. MUNAF KALIA's MEDICAL CHECK-UP ordered District and Sessions Judge (South) Faheem Ahmed Siddiqui issued notices to the Federal Investigation Agency (FIA) over the bail plea filed by the Munaf Kalia, Hanif Kalia and Javed Khanani, allegedly involved in financial scam, and adjourned the hearing till Dec 23. The court on a plea, moved by Hanif Kalia, issued directive to shift him from Landi Prison to Central Jail and also ordered his medical check-up from Jinnah Postgraduate Medical Centre (JPMC). The court has also issued warrants of accused Iqbal Kassathi, Iqbal Polani, Altaf Kanani and Javed Qasim for their alleged involvement in transferring over Rs38 billion to foreign countries through 'Hawala' and 'Hundi'. Earlier, Khalid Anwar from KSE and former Attorney General Makhdoom Ali Khan filed their powers of attorney on behalf of SECP. The court adjourned the hearing for the next date.

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