ISLAMABAD: The Supreme Court of Pakistan Wednesday allowed Bahria Town Karachi to resume development work, however, ordered the real estate giant to deposit Rs5 billion as guarantee within in 15 days.
A three-member bench of the apex court, headed by Chief Justice Saiqb Nisar, conducted hearing of review petitions filed by Bahria Town on Wednesday.
Allowing the real estate giant to resume work, the court said that Bahria Town will be able to collect money from allottees, however, it will have to deposit 20 per cent of this amount with the court.
The remaining 80 per cent of sums will be spent on development work and issuance of salaries, the court said. The apex court also ordered submission of a monthly audit report.
During the hearing, the chief justice said that a five-member larger bench of the apex court will resume hearing of review petitions filed by Bahria Town after court holidays.
The court also barred the National Accountability Bureau (NAB) from taking action against Bahria Town until a verdict is announced on the review petitions.
Malik Riaz, the owner of Bahria Town, stated before the court that he was under oath and had not said anything to anyone.
"All builders across the country operate in the same manner and I too have worked in accordance with the law," he said, noting that no one could establish such a huge city in two and a half years.
At this, the chief justice remarked, "Malik sahib, you will be served justice."
