Delay in hearing on UCBL writ keeps investors in long wait
Friday, 26 March 2010
Mohammad Mufazzal
The long delay in holding hearing on the writ petition of United Commercial Bank Limited (UCBL) has left thousands of investors in deep trouble, as they cannot get back their investment in absence of a final decision from the Supreme Court.
According to the investors, earlier the hearing was delayed as the petitioner sought time from the court, but now the hearing cannot start due to some unavoidable reasons concerning the bench.
The hearing was likely to be completed by February 7 last.
But two consecutive Chief Justices of the Supreme Court had gone on retirement since the hearing on the writ started in November.
Later, the hearing could not be held as one justice of the Appellate Division lost his mother and went on leave. After a few days, another justice also lost his mother and went on leave.
However, after the ongoing vacation, the court will open on April 4, and just five days later on April 10 another justice of the Appellate Division is likely to go on retirement.
All these developments have added to the worries of the investors, as they do not know when they will get back the money, sources said.
The writ had been mentioned to the Appellate Division 15 times since November last year and the hearing was held for a total of nine days.
"The hearing could not be completed as the petitioner was reluctant and took time showing lame excuse," an aggrieved investor said.
The investors demonstrated several times at the bank's head office. In the latest of the incidents, the agitated investors even ransacked the office.
The long delay in holding hearing on the writ petition of United Commercial Bank Limited (UCBL) has left thousands of investors in deep trouble, as they cannot get back their investment in absence of a final decision from the Supreme Court.
According to the investors, earlier the hearing was delayed as the petitioner sought time from the court, but now the hearing cannot start due to some unavoidable reasons concerning the bench.
The hearing was likely to be completed by February 7 last.
But two consecutive Chief Justices of the Supreme Court had gone on retirement since the hearing on the writ started in November.
Later, the hearing could not be held as one justice of the Appellate Division lost his mother and went on leave. After a few days, another justice also lost his mother and went on leave.
However, after the ongoing vacation, the court will open on April 4, and just five days later on April 10 another justice of the Appellate Division is likely to go on retirement.
All these developments have added to the worries of the investors, as they do not know when they will get back the money, sources said.
The writ had been mentioned to the Appellate Division 15 times since November last year and the hearing was held for a total of nine days.
"The hearing could not be completed as the petitioner was reluctant and took time showing lame excuse," an aggrieved investor said.
The investors demonstrated several times at the bank's head office. In the latest of the incidents, the agitated investors even ransacked the office.