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Petitioner: Meezan Bank VS Respondent: WAPDA First Sukuk Company Limited and others
Court Name: Lahore High Court Judge(s): Ayesha A. Malik, Shahid Bilal Hassan Title: Meezan Bank vs WAPDA First Sukuk Company Limited and others Case No.: R.F.A. No.54274 of 2017 Date of Judgment:2021-12-01 Reported As: 2022 CLC 974, 2022 [M] CLR 1258 Result: Appeals allowed
JUDGMENT
JUDGMENT AYESHA A. MALIK, J. This RFA along with connected RFAs No.54270/17, 50966/17, 67900/20 have been filed under Section 96 of the C.P.C., wherein the Appellants have impugned judgment and decree dated 14.4.2017 passed by the Civil Judge 1st Class, Lahore ("Impugned Judgment"). 2. The Appellants include financial institutions being banking companies and a non-banking company as well as the Central Depository Company of Pakistan Limited ("CDC"). In this regard, it is noted that the CDC (RFA No.67900/2017) is only aggrieved to the extent of the decision on Issue No.14-H in the Impugned Judgment. The remaining Appellants have impugned the judgment and decree in its entirety praying therein that it be set aside and that they be declared the lawful owners with all rights of the disputed sukuks and as a consequence ijara rentals with accumulated mark up/profits be paid to them. In the alternative they pray that the Appellants be paid damages by Respondent No.1, Wapda First Sukuk Company Limited ("Sukuk Company") for the loss suffered not only with respect to the amounts paid by the Appellants for the' disputed sukuks but also equivalent to the ijara rentals due to the Appellants. 3. The Respondent No.1 Sukuk Company is a public limited company wholly owned by Respondent No.2, Wapda. Respondent No.1 issued sukuk certificates for the purpose of raising money for the Mangla Dam Project which became the subject matter of a dispute between the parties. Respondent No.1, the. Sukuk Company and Wapda filed an interpleader suit under Section 88 of the Civil Procedure Code, 1908 ("C.P.C.") against the Appellants on 12.12.2009 praying therein that the court decide which of the defendants (Appellants before this Court and NFC) is the true and lawful owner of the disputed sukuk certificates. The Appellants each filed their written statement in the suit. Issues were framed. One of the parties, Bank Islami Pakistan Limited ("Bank Islami") was
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proceeded ex-parte on 21.5.2015. They are Respondent No.3 in the instant RFA and also have an ownership claim of 10000 sukuk certificates. The parties produced their respective evidence, documentary as well as oral, after which the trial court concluded through the Impugned Judgment that National Fertilizer Corporation Pakistan (Private) Limited ("NFC"), Respondent No.3 was the lawful owner of the disputed sukuk certificates, and ijara rentals including the 7th ijara rental should be paid to NFC. Hence these appeals. The dispute 4. The dispute between the parties relates to the ownership of sukuk certificates. The basic transaction documents giving rise to the sukuk certificates is a Purchase Agreement signed on 15.11.2005 wherein Respondent No.1 purchased from Respondent No.2, ten turbines installed at the Mangla Hydel Power Station for Rs.8,000,000,000 (Rupees eight billion) which became the trust assets. Though the Purchase Undertaking dated 15.11.2005, Respondent No.2 undertook to buy back the ten tribunes on maturity of the sukuk certificates. An Ijara Agreement was also executed between Respondents Nos.1 and 2 and Muslim Commercial Bank ("MCB") whereby the turbines were leased back to Respondent No.2, Wapda for which rental payments were to be paid semi annually. Under the Declaration of Trust, the Sukuk Company issued sukuk certificates to the public, as issuer and also took on the role of trustee for the trust assets. The rights of the certificate holders were set out in the Declaration of Trust, which included the right to receive Periodic Distribution Amounts ("PDA"), being the profit on the sukuk certificate, twice a year. Under the Agency, Agreement, Wapda Bonds Cell was appointed as the Registrar, Transfer Agent and Replacement Agent with respect to the sukuk certificates. Wapda Bonds Cell is a part of Respondent No.2, Wapda and not a separate entity. NFC purchased 300 physical sukuk certificates, each certificate representing 500 sukuk units, of the value of Rs. 750,000,000 (Rupees seven hundred and fifty million) on 24.01.2006 and subsequent thereof the Sukuk Company has been paying ijara rentals to NFC. 5. A dispute arose on the basis of letter dated 12.2.2009 (Ex.P24) when purportedly Deputy General Manager, Accounts of NFC stated that NFC had sold 72 sukuk certificates (being 36000 sukuk units) worth Rs.180,000,000 (Rupees one hundred and eighty million), out of its holding of Rs.750,000,000 (Rupees seven hundred and fifty million) to Swift Engineering Solutions ("SES") and consequently 72 sukuk certificates were transferred to SES. On the request of SES, Wapda Bonds Cell replaced the 72 sukuk certificates with 6 certificates representing 6000 sukuk units each on 14.3.2009. SES then sold its 6 sukuk certificates to Al-Meezan Investment Management Company Limited ("AIMC") for Rs.190,792,800 (Rupees one hundred and ninety million, seven hundred ninety two thousand and eight hundred) and thereafter AIMC sold its sukuk certificates to Bank Islami. Other claimants are Soneri Bank Limited ("SBL") and Meezan Bank Limited ("MBL") who purchased sukuk units through the CDC and received ijara payments until the dispute arose. 6. In the meantime, in April 2009 NFC inquired as to why they had not received their full profit on their sukuk certificates, to which they were informed that vide letter dated 12.2.2009 (Ex.P24) NFC informed the Sukuk Company that have sold their sukuk certificates to SES. NFC denied all claims of having sold the sukuk certificates and they accordingly informed the Sukuk Company that they made no such sale. Wapda constituted a team of officers to inquire into the matter and also stopped future transfers by informing the CDC. A complaint was registered with the Federal Investigation Agency ("FIA") and FIR No.28/2009 dated 5.8.2009 was registered against SES along with employees of Wapda whereby criminal proceedings commenced, to inquire into the fraudulent sale. The FIA issued an interim report which finds that the transfer to SES was fraudulent as the real certificates are still in the possession of NFC. Litigation between the Parties
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7. In the meantime, the Appellants filed suits for declaration, permanent injunction and damages before the Sindh High Court, and NFC and Respondents Nos.1 and 2 filed suits in Lahore, the details of which are as under: a) Suit No.1497/2009 filed by AIMC for declaration, injunction and damages filed on 22.10.2009 titled Al-Meezan Investment Company and others v. WAPDA First Sukuk Company and others praying therein that demand of refund of ijara rentals is illegal, hence Wapda should be restrained from taking any action which would adversely affect the rights of the Appellant in respect of ijara rentals and/or their ownership of sukuk certificates (Ex.D2- 36); b) Suit No.1269/2010 filed by SBL for declaration, mandatory injunction, recovery of monies and damages filed on 10.8.2010 titled Soneri Bank Limited v. WAPDA First Sukuk Company and Others praying therein that SBL is the owner of 4000 certificates and that Wapda be directed to pay ijara rentals and damages of Rs.4,000,000/- along 'with profit of 15% from the date of default or alternately (if the plaintiff is not declared rightful owner) then direct UBL to return the consideration amount and UBL and CDC pay damages and profit at the rate of 15% along with costs offend; c) Suit No.726/2012 (previous Suit No.187/2009) filed by MBL for declaration, mandatory injunction and recovery filed on 26.12.2009 titled Meezan Bank v. WAPDA First Sukuk Company and others praying therein that Appellant is the owner of 22000 sukuks and entitled for ijara payments and that Wapda be directed to pay PDA and other payable dues. Wapda be also directed to make donation to charity as required by clause 3.6 of ijara agreement dated 15.11.2005 along with cost of fund and cost of suit (Mark D6-B); d) Suit No.40163/2015 filed by NFC before the civil court at Lahore against Wapda and the Sukuk Company for recovery of Rs.466,972,916/- along with loss of profits and damages on 21.10.2015 titled National Fertilizer Corporation of Pakistan (Pvt.) Limited v. Wapda First Sukuk Company Limited and others praying therein for recovery of Rs.466,972,916/- along. with up to date profits at the rate of 13% on the above said amount till realization. NFC also prayed in the suit for recovery of the profits earned on the PDA/ijara rentals and dissolution distribution amount, earned either on account of the above amounts deposited by defendants Nos.1 and 2 into the civil court pursuant to their interpleader suit and invested by the court into a profit bearing scheme or earned by defendants Nos.1 and 2 during the time they utilize the above amount (not exhibited). e) Suit No.15370/2020 filed by the Sukuk Company and Wapda before the Senior Civil Judge, Lahore for recovery on 20.4.2020 titled Wapda First Sukuk Company Limited and others v. Al-Meezan Investment Management Limited and others against Al-Meezan Investment Management, praying for recovery of Rs.13,640,900/- plus mark up accruing at 20% on the principal amount of Rs.13,640,900/- from the date of payment of the said amount to the AIMC (defendant No.1) on 21.4.2009 till realization of full payment plus costs. Interpleader Suit 8. Respondent No.1, Sukuk Company Limited filed an interpleader suit under Section 88 of the C.P.C. on 12.12.2009 against all the Appellants including CDC praying therein that the court decide which of the defendants is the true and lawful owner of the disputed sukuk certificates so that it can make the requisite payments to the owner. The defendants filed their written statements and on 21.5.2010 the suit was dismissed for being not maintainable. This order was challenged before this Court through RFA No.779/2010 which was allowed vide judgment dated 17.2.2015. This judgment of 17.2.2015 was challenged before the august Supreme Court of Pakistan whereby the appeal was dismissed and the suit was remanded vide order dated 10.10.2016. Thereafter a review was filed before the august Supreme Court of Pakistan by the CDC in which a clarification was issued on 21.8.2017, where after the review was disposed of. 9. Hearing before the trial court after the remand commenced on 3.4.2015 and Issues Nos.1 to 14 were framed on 19.1.2017 as follows:
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1. Whether the Interpleader suit has been instituted with valid authorization? OPP 2. Whether forgery or fraud took place as alleged by the plaintiffs and defendant No.1 and such forgery or fraud vitiated the transfer of the Sukuk (with the face value of Rs.180 Millions) to the defendants Nos.2, 3, 4 and 6? OPP and OPD-1. 3. Whether the plaintiffs are stopped from denying independent title of defendants Nos. 2, 3, 4 and 6 to the Sukuk and Ijara thereon? OPD 2, 3, 4 and 6. 4. If forgery or fraud took place, the plaintiffs are vicariously liable to the holders or Sukuk Certificate for such forgery or fraud committed by their employees, and the plaintiffs are liable to their negligence, for an amount equivalent to the value the Sukuk and the Ijara thereon? OPD 2, 3, 4 and 6. 5. Whether the suit is barred under the provisions of Order XXXV Rules 1 and 5, C.P.C.? OPD 1, 2, 4, 5 and 6. 6. Whether the suit is barred in terms of Section 10 and Section 88 CPC as the suit of defendants Nos. 2 and 5 was already pending adjudication before the Hon'ble Sindh High Court Sindh at the time of instituted of the instant suit? OPD 1, 2, 4, 5 and 6. 7. Whether the plaintiffs have approached the court with unclean hands in order to avoid their obligations to pay Ijara Rentals to defendants? OPD 1, 2, 4 and 6. 8. Whether the suit in hand is an attempt to deprive defendant No.1 from its entitlement to the Sukuk certificate and benefit? OPD-1. 9. Whether the plaintiffs are barred from filing the instant suit because they are agents/trustees of defendant No.2? OPD 2 and 4 10. Whether the suit is incompetent for non-joinder of necessary parties? OPD 2 & 6. 11. Whether the Sukuk certificate valuing Rs.180 Millions constitute the same debt, same money or other property being claimed by the defendant No.2 and those claiming title there-from? OPP. 12. Whether the suit is barred in terms of the provisions section 88, C.P.C.? OPD 4 and 5 13. Whether the defendant No.1 is an absolute owner of the Certificates of Rs.750,000,000/- including the certificate of - Rs.180,000,000/- bearing serial Nos.512029 to 512100 and that the Certificates of Rs.180,000,000/- bearing serial No.512029 to 512100 are deemed to be never transferred to swift engineering solutions or to the defendants Nos.2 to 5 and that the defendant No.1 is exclusively and solely entitled to be paid all Ijara Rentals including the 8th Ijara rental? OPD-1 14. Whether the sale in favour of Swift Engineering Solutions and purported subsequent transfers/sale in favour of defendants Nos.2 to 4 and 6 of the certificate of Rs.180,000,000/- are void ab initio unauthorized, fraudulent, illegal, unlawful and of no legal effect OPD-1 15. Relief. Thereafter eight additional issues were framed on 15.2.2017 being 14-A to 14-H as follows: 14-A Which of the defendants is the true and lawful owner of the Sukuk certificate of the value of Rs.180 Million? OPD 1, 2, 4 and 6. 14-B Whether the suit is not maintainable under law for seeking a decision from the court as to who is the true and lawful owner and to whom payments shall be made when the plaint itself discloses the knowledge of the plaintiffs as to the rightful claimant? OPD-1 14-C Whether the plaintiffs have committed serious breach of the trust and contract and have failed to discharge their obligations, duties and responsibilities and are thus not entitled to obtain indemnity for themselves? OPD 1, 2, 4 and 6 14-D Whether the plaintiffs have no right or cause to seek the equitable relief under section 88 and Order XXXV, C.P.C. as they themselves have committed fraud, breach of trust negligence and default in discharging their solemn duties and obligations? OPD 1, 2, 4 and 6 14-E Whether the plaintiff No.1 on March 09, 2009 confirmed to Global Securities Pakistan Limited (the "Broker") that after completing all the required formalities, it had transferred the six Jumbo
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physical certificate representing 36,000 Sukuk Certificate in the name of the answering defendant in its capacity as Trustee of Mezaan Islamic Income Fund? OPD-5 14-F Whether the plaintiff No.1 on 13.03.2009 returned the six transfer deeds pertaining to 36,000 Sukuk Certificates verifying and confirming the holding of the said Sukuk Certificates in the name of the answering defendant in its capacity as Trustee of Mezaan Islamic Income Fund? OPD-5 14-G Whether upon receipt of the duly verified transfer deeds, the answering defendant No.5 on 14.03.2009 made a deposit request to the plaintiff No.1 that the six physical certificate constituting 36,000 Sukuk certificate be converted into scripless form and be transferred in the CDC account of the Fund and whether this deposit request was subsequently approved by the plaintiff No.1? OPD-5 14-H Whether there is a bar on the rectification of the Central Depository Register in light of section 11 of the CD Act? OPD-5. 10. After framing of issues parties were directed to produce their respective evidence in support of their respective claims. In order to prove their case, the plaintiffs (Respondents Nos.1 and 2) produced Masood Raza, Additional Director Wapda Bonds Cell and Accountant Sukuk Company as PW-1. The stated Respondents produced the following documents: Sr. No.Description of documents Dated Exhibits 1. Authority Letter from WFSC 03.03.2017 Ex.P1 2.Minutes of 13th Meeting showing Mr. Masood Raza as Chief Accountant14.07.2009Ex.P2 3.Authority Letter from WAPDA 03.03.2017Ex.P3 4.Appointment Letter of Mr. Masod Raza as Director WAPDA Bond Cell14.10.2006Ex.P4 5. Authority Letter Anwar Ul Haq Board Resolution of WFSC 01.12.2009Ex.P5 6.Minutes of Meeting (certified copy) 01.12.2009Ex.P6 7. Memorandum of association of plaintiff No. 1 Ex.P7 8.Memoradum of association of plaintiff No. 1 Ex.P8 9.Articles of association plaintiff No.1 30.09.2005Ex.P9 10.Authority letter of Anwar Ul Haq No. 749/1997 @ Sr. 33 of list of reliance 01.07.1997Ex.P10 11.Office order posting DG (CPCC) 09.01.2006Ex.P11 12.Purchase agreement along with photocopy of personal guarantee 15.11.2005Ex.P12 13.Purchase undertaking 15.11.2005Ex.P13 14.Ijara agreement between plaintiff and WAPDA and MCB 15.11.2005Ex.P14 15.Agency agreement 15.11.2005Ex.P15 16.Declaration of Trust 15.11.2005Ex.P16 17.Citigroup's letter along with list of invertors and list of investors opting for the physic Sukuk certificate 24.01.2006Ex.P17 18.List of eligible Sukuk holders for the periods April and October 2007, 2008 & 2009 1. 19.04.2008 Ex.P18 (11 page) 2. 19.10.2007 Ex.P19 (11 page) 3. 19.04.2007 Ex.P20 (10 pages) Ex.P18 to Ex.P23
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4. 18.10.2008 Ex.P11 (11 pages) 5. 21.04.2009 Ex.P22 (12 page) 6. 20.10.2009 Ex.P23 (09 page) 19.NFC's letter to Director Finance Bond Cell WAPDA to transfer the Certificates 12.02.2009Ex.P24 20.SES letter by Akhtar Saleem CFO 13.02.2009Ex.P25 21.Cancelled physical Sukuk from Nos. 512029 to 512100 Ex.P25/1 to Ex.P25 / 72 22.Al Meezan Investment Management saying it had purchased Certificate from Swift04.03.2009Ex.P26 23.6 Certificates surrendered by Al Meezan from serial No. 512390 to 512395 Ex.P26/1 to Ex.P26/6 24.6 transfer deeds by Al Meezan/Swift Ex.P26/7 To Ex.P26 / 12 25.SES letter by Akhtar Saleem CFO to WFSCL 06.03.2009Ex.P27 26.WFSC letter about transfer 09.03.2009Ex.P28 27.WFSC letter informing about transfer 20.02.2009Ex.P29 28.CDC fax about verification of 6 certificate 12.03.2009Ex.P30 29.Letter CDC to WSFC regarding transfer of 6 certificate (3 page of annexures)14.03.2009Ex.P31 30.WSFC to CDC about use to Global Terminal 17.03.2009Ex.P32 31.NFC letter about 7th Ijara payment (along with photo copies of 2 enclosures, letters from Citibank dated 22.04.2009 and 22.10.2008) 24.04.2009Ex.P33 32.NFC to WFSC 25.04.2009Ex.P34 33.WFSC to NFC 27.04.2009Ex.P35 34.NFC to WFSC about 8th Ijara payment letter # A/C 1925 26.11.2009Ex.P36 35.NFC to WFSC about 8th Ijara payment letter # A/C 1926 23.10.2009Ex.P37 36.NFC to WFSC about 8th Ijara payment letter # A/C 1527 23.10.2009Ex.P38 37.NFC to Manager Citibank Letter No. 1530 23.10.2009Ex.P39 38.NFC to WFSC about 8th Ijara payment 10.11.2009Ex.P40 39.Letter from WFSC to CDC for closure of WAPDA First Sukuk Transfer Books 25.03.2009Ex.P41 40.Letter from WFSC to Citibank 24.04.2009Ex.P42 41.Legal Notice Ijaz and Ijaz 25.11.2009Ex.P43 11. Respondent No.3, NFC produced Muhammad Sageer Khan, Deputy General Manager Account, NFC as Dl-DW1 and Faiz Ali Bokhari as D1-DW2. Respondent No.3 produced the following documents in evidence:- Sr. No.Description of documents Dated Exhibits 1. NFC's Board Resolution Authorizing 26.03.2017Ex.D1-1
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2. Certificate of incorporation 11.08.1973Ex.D1-2 3. Memorandum of association Ex.D1-3 4. Articles of association Ex. D1-4 5.Citi Bank's letter along with cheque dated 22.04.2009 (but cheque not exhibited)22.04.2009Ex.D1-5 6.NFC's letter to Citi Bank upon receiving Ijara Rental on Rs.570 m as opposed to Rs.570m 24.04.2009Ex.D1-6 7.NFC's letter to WAPDA denying letter for transfer of any Certificates28.04.2009Ex.D1-7 8.WAPDA's letter to WAPDA top NFC: Formation of Fact Finding Committee29.04.2009Ex.D1-8 9.NFC's letter to WAPDA provided one original physical Sukuk certificate05.05.2009Ex.D1-9 10.WAPDA's office order establishing Fact Finding Committee 29.04.2009Ex.D1-10 11. Fact Finding Committee Report 08.05.2009Ex.D1-11 12.WAPDA's letter to NFC: seeking an undertaking for 7th Ijara Payment13.07.2009Ex.D1-12 13.NFC's reply to WAPDA: gave an undertaking "subject: PROVISIONAL. PAYMENT OF SUKUK CERTIFICATES"29.07.2009Ex.D1-13
14.WAPDA's letter to NFC 7th Ijara Rs. 180m received by NFC from WAPDA, along with pay order28.08.2009Ex.D1-14 15.WAPDA minutes of Authority Meeting 'held on June 22.2010 in respect of payment of 8th and 9th Ijara on undertaking02.07.2010Ex.D1-15 16.NFC's undertaking to WAPDA. "Subject: PROVISIONAL PAYMENT OF SUMUK CERTIFICATES"20.07.2010Ex.D1-16
17.FIA letter to NFC asked NFC for original 72 certificate for forensic analysis12.11.2009Ex.D1-17 18.NFC's receiving regarding receipt: of original 72 certificate from FIA17.11.2009Ex.D1-18 19.FIA of receiving 72 Sukuk from NFC 10.12.2009Ex.D1-19 20.FIA letter to NFC no objection to return back 72 Sukuk Certificates12.12.2009Ex.D1-20 21.NFC's petition under section 516-A, Cr.PC for the custody of (Superdari) of the original Sukuk certificate Ex.D1-21 22.Copy of FIA forensic report 26.11.2009Ex.D1-22 23.Original 72 certificate of NFC Ex.D1-23/1 to Ex.D1- 23/72 24.Guarantee of President of Pakistan 13.12.2005Ex.D1-24 25.Challan 18.10.2010Ex.D1-25 26.Challan Interim 08.03.2010Ex.D1-26 27.Challan Interim 24.11.2010Ex.D1-27 28.Challan supplementary 03.12.2010Ex.D1-28 29.Attested copy of Statement of Anwar Ul Haq Ex. D1-29 30.Attested copy of Statement of Hammad Rasool Ex. D1-30 31.Attested copy of Statement of Munir Shah Ex. D1-31
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32.Judgment of Special Judge (Central), Lahore 13.09.2013Ex.D1-32 33.NFC's extract of Board: Resolution by Circulation 11.02.1975Ex. D1-33 34.NFC's delegation of power 22.02.2002Ex. D1-34 35.NFC's letter to WFSC regarding 7th Ijara Rental 29.04.2009Ex.D1-35 36.NFC's letter to WAPDA 04.05.2009Ex. D1-36 37.NFC's letter WFSC regarding 7th Ijara Rental 08.05.2009Ex.D1-37 38.NFC's letter to WFSC regarding provisional payment of Sukuk Certificate05.08.2010Ex.D1-38 39.NFC's letter to WFSC regarding provisional payment " of Sukuk Certificate16.08.2010Ex.O1-39 12: Respondent No.7, AIMC produced Syed Awais Wasti Company Secretary/Chief Finance Officer ANC as D2-DW1. Respondent No.7 produced the following documents in evidence: Sr. NoDescription of documents DatedExhibits
1. Internal Notings of WAPDA Ex.D2-1 2. Register of physical Sukuk Certificates (ownership) Ex.D2-2 3. FIR No.28/2009 attested copy 05.08.2009Ex.D2-3 4. Audit accounts + auditor's report for 2015 (13 pages) 18.09.2009Ex.D2-4 5.WAPDA letter No. GM FP/6615- 18 (to CDC Stop further transfer (0 page serial No 31)29.04.2009Ex. D2-5 6. CDC letter to WAPDA 06.05.2009Ex.D2-6 7. Al Meezan letter No. Amim 09/267 09.05.2009Ex.D2-7 8. WSFC letter to Al Meezan No. WSFC 2159/61 09.09.2009Ex.D2-8 9. WAPDA regulations: new SOP's for scrutiny/transfer of Sukuk 09.05.2009Ex.D2-9 10.Cover letter No. 1611 alongwith letter December, 2009 and audit report refraud13.12.2009Ex.D2-10 11.Masood Raza's statement as PW-2 before Special Judge (Central), Lahore (page 18) Ex.D2-11 12.Syed Fiaz Ali Bokhari's statement as PW-16 before Special Judge (Central), Lahore Ex.D2-12 13.Receipt Global Ex.D2-13 14.Letter from Al Meezan Investment Management' to Trustee, Meezan Islamic Income Fund05.03.2009Ex.D2-14
15.Receipt Global Ex . D2- 15 16.Letter from Swift Engineering to CDC Trustee 13.03.2009Ex.D2-16 17.Letter from Al Meezan Investment Management to Trustee, Meezan Islamic Income Fund13.03.2009Ex.D2-17 18.MCB Bank's statement of Account Ex. D2-18 19.CDC's account balance report Ex.D2-19 20.Citi Bank's letter to Al Meezan Investment Management 22.04.2009Ex.D2-20 21.Letter from Al Meezan Investment Management to WFSC 29.09.2009Ex.D2-21
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22.Letter from Al Meezan Investment Management to trustee, Meezan Islamic Income Fund18.05.2009Ex.D2-22 23.Letter from Invest and Finance Security Ltd. to CDC Trustee 18.05.2009Ex.D2-23 24.Letter from Al Meezan Investment Management to trustee, Meezan Islamic Income Fund23.06.2009Ex.D2-24 25.Letter from Invest and Finance Security Ltd. to CDC Trustee 23.06.2009Ex.D2-25 26.Letter from Al Meezan Investment Management Trustee, Meezan Islamic Income Fund23.06.2009Ex.D2-26 27.Letter from Invest and Finance Security Ltd. to CDC Trustee 23.06.2009Ex.D2-27 28.Habib Metropolitan Bank's statement of Account Ex.D2-28 29.Bank Al Falah's statement of account Ex.D2-29 30.Civil Review No.2016 in CA 104-L/2015 filed by Al Meezan Investment Management Ex.D2-30 31.Memorandum and Article of Association of Al Meezan Investment Management Ex.D2-31 32.Sub-Power of Attorney Ex.D2-32 33.Power of Attorney Ex.D2-33 34.Al Meezan Investment Management. Extract of meeting dated 24.01.2011 Ex.D2-34 35.Trust Deed of Meezan Islamic Income Fund and between Al Meezan Investment Management Ex. D2- 35 36.Suit No.1497 titled "Al Meezan Management v. WFSC and others" before Sindh High Court. Ex. D2- 36 13. Respondent No.5, SBL produced Qaisar Samdani AVP…
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