Ali Raza has been ordered to vacate the office of the bank's president with immediate effect.
ISLAMABAD: The Supreme Court (SC) on Friday declared the appointment of Ali Raza as the President of National Bank of Pakistan (NBP) for the third time as unconstitutional.
A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry also ordered Raza to vacate the office of the bank’s president with immediate effect.
An NBP employee had filed a petition against Raza’s appointment.
The petition said that according to the rules Raza’s term could be extended only twice but former president of Pakistan Pervez Musharaf extended the term for the third time by an ordinance. It called the act unconstitutional.
The petition stated that the ordinance was made part of law under the finance act and was not approved by parliament, hence the extension was a violation of the Banking Nationalisation Act 1994.
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