Posts

SHC orders dismantling of unlawful dwellings erected on road land

SHC orders dismantling of unlawful dwellings erected on road land

SHC orders dismantling of unlawful dwellings erected on road land. On Tuesday, the Sindh High Court ordered the demolition of 130 buildings in Mustafaabad that were built on property intended for a road connecting Anda Mor, New Karachi in district central to Monghopir in district west.

The ruling was handed down by a two-member panel led by Justice Zafar Ahmed Rajput during a hearing on a petition contesting road encroachments.

The counsel for the Karachi Metropolitan Corporation (KMC) admitted that the road’s land was granted to persons for residential purposes in 1982 by the KMC’s Katchiabadi department, and was later regularized by the Sindh government in 1987.

During the hearing, it was revealed that the SHC had ordered the road’s restoration 15 years ago but it was not carried out. The KMC’s attorney informed the court that residents had previously been issued notice to vacate their homes.

Read more with EL news : Possession of plots in Islamabad’s E-12 district is still a long way off

The judgement directed that residents whose homes were to be demolished get compensation and replacement land prior to having their homes evacuated.

The bench determined that the dwellings would be removed only after paid compensation and replacement land were provided. Additionally, the court requested a report on this matter from the KMC and others within a month.

Land for Military Purposes

Additionally, the same bench requested a report on the legal status of land in cantonment zones where commercial centers had been created on territory ostensibly designated for defense use.

The Defense Housing Authority and other cantonment boards requested additional time to file responses to a petition contesting commercial activity on land assigned to defense institutions for defense purposes.

The petitioner sought to declare illegal marriage halls and banquets in Defense Phases 7 and 8, Signature and Imperial banquets on Dalmia Road, the Imtiaz Super Store in Zamzama, and banquets near Karachi International Airport.

Keep up with Estate Land Marketing for news and updates.

Share this:
SHC halts multi-story building construction in Sukkur

SHC halts multi-story building construction in Sukkur

While a limitation order imposed a few weeks ago by the Sindh High Court’s Sukkur bench remains in place, builders of multi-story housing complexes have restarted construction work.

The court had halted construction of multi-story structures on plots smaller than 400 square yards. Along narrow roads and streets, and on any project that did not include a sizable parking place for flat allottees.

However, construction activity on 120-square-yard and even smaller plots have resumed in earnest over the last week. Numerous six- to twelve-story schemes are placed along minor roads and streets. Such as Miyani Road, Nishtar Road, Shamshabad, Dhak Road, Katti Bazaar, and Bandar Road.

Read more with EL news : The government intends construction of 2,392 houses for low-income

The Sukkur Municipal Corporation appears disinterested, even though civic life in all of these areas has been severely impacted.

According to confident builders with whom this reporter talked, they had received clearance from the SBCA to resume development on their projects. They did not, however, generate such a paper. They stated that these multi-story housing structures benefited those who desired to live in the city rather than in suburban dwellings.

Keep up with Estate Land Marketing for news and updates.

Share this:
SECP and PSX warn SHC against formulating rules that are unmaintainable

SECP and PSX warn SHC against formulating rules that are unmaintainable

The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) informed the Sindh High Court that a case filed against the making of regulations was not maintainable since they were not obligated to request public input on criteria.

They also claimed that all PSX regulations were statutory, formulated under the Securities Act of 2015, and revised from time to time. Therefore, they bound the petitioner and all listed businesses.

The Pakistan Stock Brokers Association had filed a complaint with the SHC against the PSX and the SECP, challenging a portion of the futures eligibility criteria for selecting securities eligible for trading, which stated that protection of companies that did not meet the following conditions was ineligible: “No investigation/inquiry has been completed against the company with adverse findings.”

On July 15, a division bench of the SHC ordered that a minor portion of the criteria for selecting assets suitable for trading in the deliverable futures contract and cash-settled futures contract markets would be ineffective until the next hearing.

When the case was heard by a two-judge bench led by Justice Mohammad Shafi Siddiqui, both respondents filed remarks, copies of which were given to the petitioner’s lawyer, who requested time to file a counter-affidavit.

The hearing was postponed until after the summer vacation, according to the court., and instructed the petitioner’s lawyer to prepare a response to the respondents’ arguments before the next hearing. The prior interim stay order, however, will be extended until the next hearing.

The PSX and SECP also stated that the futures eligibility criteria were not part of the regulations in their comments. But instead, as provided in clause 2.4 of the PSX regulation. Hence, they were not subject to public comment.

The PSX claimed that they listed more than 500 assets; however, the PSX has established eligibility requirements for only permitting liquid stocks to be traded on futures contracts that have not been found to have been mismanaged during the review period.

According to the company, the conditions in issue are in place to eliminate any danger of settlement default if substantially fewer liquid companies with negative findings are allowed to trade on futures exchanges.

According to the SECP, the petitioner went to the SHC at Hascol and Unity Foods’ request since their affairs were being probed by it.

It also claimed that had changed the eligibility criteria in the public interest to ensure that companies under investigation/investigation were not only eligible to participate in a riskier segment of the market, such as futures, where contract duration was much longer than the regular counter/ready segment and thus subject to additional risk.

The SECP also claimed that until they lifted the stay on the investigation/inquiry, investors would be incapable of making a well-informed judgment about investing in a riskier segment of the market and that allowing such companies to trade in the futures market would increase market risk due to the uncertainty surrounding their operations and jeopardize public interest.

These businesses, however, would continue to be available for trading on the standard counter, according to the statement.

Read more with Estate Land news: Pakistan is ranked as the cheapest country in which to live

 

Share this: