JIT against Jahangir Tareen and Sharif Family Sugar Mills declared null and void
12 November 2020
LAHORE: The Lahore High Court (LHC) has quashed the JIT set up against Jahangir Tareen, Sharif Family Sugar Mills and said that it remains to be seen under what rules the inquiry can be conducted.
According to details, the Lahore High Court has ruled on the FIA inquiry against Jahangir Tareen and Sharif Family Sugar Mills.
The court quashed the JITs set up against Jahangir Tareen and Sharif Family Sugar Mills. The court also quashed the SECP notices to both the mills.
The court held that the FIA has the power to conduct an inquiry. It remains to be seen under what laws and under what circumstances the inquiry can be conducted.
The court said that the SECP failed to play its role in accordance with the law, which will be explained in a detailed decision on the authority of the FIA.
It may be recalled that Jahangir Tareen’s Farooqi Pulp and Sharif family’s Al Arabiya Mills had challenged the FIA inquiry in the High Court.
On behalf of the petitioners, their lawyers Salman Akram Raja and Salman Aslam Butt had taken the position that the FIA did not have the authority to inquire into such matters. The JIT was formed while the allegation of corporate fraud against the companies is false.
According to the petitioners, the SECP also issued summons notices on the matter on July 20, 2020, which are illegal, therefore the court should quash the notices of FIA Inquiry, JIT and SECP.