ISLAMABAD(SANA): The Supreme Court of Pakistan has ordered the Elysium and High Stand real estate companies to return Rs 98, 60, 00000 of Evacuee Trust Property Board (ETPB) Punjab by June 10.The court said that it would give orders for registration of the case and arrest of the chief executives of the companies if the amount was not returned by June 10.
Three-member bench of the apex court headed by Chief Justice Iftikhar Muhammad Chaudhry conducted hearing of the Evacuee Trust Property Board case here on Friday.
The court ordered the chief executives of both the companies, Hamad Arshad and Shabbir Shah, to deposit their passports with the registrar of the apex court. The court said that the court would again resume hearing on June 11 if the amount was not returned by June 10.
Chief Justice said that irregularities were committed, adding that the investment on behalf of the Evacuee Trust Property Board is illegal.
The court, issuing resummoning notice to the chairman ETPB, Asif Hashmi, ordered him to appear in the court on the next hearing of the case.
It is pertinent to mention here that in 2009 the ETPB through contract with the two companies made investment in the DHA, however, the ETPB has so far not been given any profit.
On the other hand, there are allegations against chairman ETPB, Asif Hashmi that he sold the land of the minorities and made investment. The court ordered Asif Hashmi to come back from abroad and should appear before the court on the next hearing. The court adjourned hearing of the case till June 14.