Silk Bank is on Trial for Trying to Improve its Operations

The Islamabad High Court held the hearing of a case against Silkbank seeking to streamline its operations in accordance with rules and regulations of the concerned authority. The petitioner’s lawyer, Ali Nawaz Kharal, appealed Justice Sardar Ejaz Khan to invalidate the extension that the Security and Exchange Commission of Pakistan (SECP) granted Silkbank for the holding of an annual general meeting of the shareholders. The petitioner stated that the AGM and other regulatory exercises should be accomplished on time by the bank’s management, and requested the court to order the bank to hold the pending annual general meeting of the shareholders and clarify the apprehensions about its operations. The petition demanded that Silkbank’s management should apprise their shareholders of the change of sponsorship shareholding as per the law and the management must be restricted from exchanging the bank’s sponsors of the bank. Furthermore, the bank should publish its quarterly and annual accounts for 2021 on time, it said. The petitioner also questioned the transparency of operations and requested the court to prevent the bias of the bank for depositors’ money. The petitioner then asked for a review of all the financial matters and for the bank to be ordered to meet the regulatory requirements in true letter and spirit. The court has adjourned the hearing until 11 February.