Updated on
Summary
The Supreme Court on Friday ordered Ali Raza Hashim to relinquish his post with immediate effect after declaring his appointment as President of National Bank of Pakistan (NBP) unconstitutional. The ruling was given by a three-member SC bench headed by Chief Justice Iftikhar Muhammad Chaudhry. In his petition, petitioner Muhammad Idrees argued that Ali Razas term as NBP chief was extended for the fourth consecutive time in violation of banking laws on April 10, 2010. He argued that one can get an extension only once under the prevailing laws. The apex court, therefore, directed Mr Raza to stand down immediately.
