SC reserves verdict in Bahria Town CEO offer of Rs 450 billion
ISLAMABAD - Supreme Court Wednesday reserved its verdict in Bahria Town's proposal to pay Rs450 billion for the land it occupied in district Malir, Karachi.
A three-member implementation bench of the apex court, headed by Justice Sheikh Azmat Saeed, reserved the verdict and remarked that the decision would be announced on March 21.
During the course of proceedings, Ali Zaffar counsel for Bahria Town offered to pay Rs2.25 billion per month for the next five years. The rest of the amount will be paid in the next three years, he added.
He said his client was ready to pay Rs20 billion as down payment and 30 per cent of the installments, whereas parks, zoo and a cinema have been offered as guarantee.
The counsel also pleaded to the court to withdraw the cases being pursued by the National Accountability Bureau against Bahria Town, and sought an exemption of taxes and fees for transfer of land.
Justice Azmat Saeed responded that the court would not be able to suspend the law for transfer of land, making it clear to the builder's counsel that his client would have to pay the due taxes and government fees.
The counsel for Malir Development Authority also requested the court to withdraw cases against the government officials pertaining to Bahria Town.
Justice Azmat Saeed responded that the deal was being made with Bahria Town and not with the Sindh government. He also discouraged the impression that the Bahria Town's offer would be accepted.