Court accepts Bahria Town’s Rs460b offer, halts NAB cases

islamabad — The Supreme Court on Thursday accepted Bahria Town Karachi’s Rs460 billion offer for the Malir Development Authority (MDA) land it occupied. The court also restrained the National Accountability Bureau (NAB) from filing references against the Bahria Town.

A three-member implementation bench of the apex court, headed by Justice Sheikh Azmat Saeed, had reserved the verdict last week on whether or not to accept a fresh offer by the Bahria Town (Pvt) Limited to settle a case pertaining to its Malir land in lieu of payment of Rs450 billion.

Announcing its verdict on Thursday, the Supreme Court accepted the offer, which was raised to Rs460 billion.

According to details, the Bahria Town will have to pay the entire amount over seven years. In its ruling, the top court ordered Bahria Town Karachi to pay Rs25 billion by August this year. From September onward, it will have to pay monthly installments of Rs2.25 billion for the next three years. If the company fails to deposit two installments, Bahria Town Karachi

will be considered a defaulter.

After three years, it will have to pay a four per cent markup in case of late installments. The company will also be required to give a 99year lease to everyone who purchased a plot in the Bahria Town Karachi housing project and will mortgage parks, cinemas and other assets owned by it.

Bahria Town’s counsel Barrister Ali Zafar has sought a period of seven and a half years to make the full payment, and also asked the court to allow the payments to be made to the Sindh government.

The advocate-general Sindh suggested that the fund received from Bahria Town for Malir land should be deposited to the provincial government accounts.

Justice Azmat Saeed remarked that the funds have not realised as yet, but squabbles have already started. He remarked that the court would decide where the money will have to go.

The court also restrained the NAB from filing references against Bahria Town Karachi as long as the town’s administration complies with the order.

The counsel for the MDA requested the court to discard cases against the Sindh government’s officials. Justice Faisal Arab asked did he want that references should not be filed against those who misused their authority?

Justice Azmat Saeed remarked that the matter has only been settled with Bahria Town and if the NAB wants to file references against other officials, it can petition the court. The court would decide after hearing both parties, he added.

The judge remarked that the court will pass a decision regarding the ownership of the land in accordance with the law after payment of full amount. He said that the money will be deposited in the Supreme Court which will then be distributed as per the law.

The court also ordered Bahria Town Karachi’s director to record a statement under oath regarding the payment.

The apex court has clarified that it would recognise only the site plan of Bahria Town, Malir, identifying 16,896 acres in the district. —