Islamabad High Court (IHC) has sought within ten days a detailed reply from Finance Ministry and President Zarai Taraqiati Bank Limited (ZTBL) for non-compliance of orders on appointment of new Board of Directors. Finance Ministry had recently appointed five members of the Board - Shafqat Jaamot, Manzoor ul- Arafeen, Mohsin Aziz, Naeem ud-Din Khan and Dr Muhammad Ali Shah.
Finance Ministry has also decided to appoint new ZTBL President as the appointment of incumbent President is under question since the IHC suspended the previous Board of the Bank. On October 3, 2012, the then Prime Minister, Raja Pervez Ashraf, nominated Ihsan-ul-Haq Khan as President and the then Board endorsed his appointment. However, the IHC suspended the Board which implied the endorsement of President was also been declared null and void.
Well-informed sources told Business Recorder that the incumbent President/CEO ZTBL is now interested to get the position of President SME Bank. However, insiders claim this will not be possible as the incumbent chairman SME Bank is also well connected. According to the petition, Board of Directors ZTBL has restricted the President ZTBL and has not confirmed his appointment as President ZTBL.
Secretary Finance reconstituted Board of Directors of ZTBL vide impugned notification of March 16, 2013 with nomination of Chairman, President and Board of Directors ZTBL by violating the Article of Associations of ZTBL. The appointment/nomination of the President ZTBL in reconstituted Board of Directors ZTBL was challenged in IHC by the All Pakistan ZTBL Officers Association and Staff Union CBA. The notification was suspended with a notice to Secretary Finance by High Court Islamabad on March 25, 2013 in a writ petition 1280/2013 titled Muhammad Imran Mani etc vs Federation of Pakistan. IHC has been told that Secretary Finance and President ZTBL have not implemented orders of the IHC wilfully though the applicant filed application for compliance of orders of the IHC. President ZTBL could not be reached for his comments.
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