AKD Securities’ contempt of court application against FIA rejected

Court has instructed action according to the law, FIA’s stance before Sindh High Court

KARACHI: The Sindh High Court has rejected a contempt of court application filed by the AKD Securities against the FIA.

A two-member bench of the SHC, headed by Justice Ahmed Ali M. Shaikh on Wednesday heard the application filed by the AKD Securities against the FIA. During the hearing, the FIA submitted that the court had instructed the FIA to act according to the law, and that the court had not stopped them from registering a case.

The case was registered on the basis of evidence, which does not fall under the category of unlawful act. A case of fraud has been registered against the AKD Securities in the EOBI scandal, which is in conformity to the law, and so the application does not merit hearing and it should be rejected.

The counsel for the AKD Securities submitted that the court had stopped the FIA from any unlawful act, but the FIA, disregarding the court orders, had registered a case against them. The court, while rejecting the contempt of court application against the FIA, observed that investigations will be carried out into the FIR, and the registration of an FIR does not fall under the category of an unlawful act.