SC reserves verdict on Bahria Town’s new settlement offer
KARACHI (92 News) – The Supreme Court (SC) has reserved its verdict on Bahria Town’s new settlement offer as Bahria Town has increased its offer for the 16,896-acre Karachi Superhighway project from Rs440 billion to Rs450 billion.
The new proposal was submitted to the Supreme Court on Wednesday. It has offered to pay Rs2.25 billion every month for five years. The remaining amount will be paid in three years, said Bahria Town’s lawyer Ali Zafar. He said that they are willing to keep the Danzoo (day and night zoo), parks and Cine Gold cinema as a guarantee for the payment.
The court reserved its verdict on Bahria Town’s proposal. It will be announced on March 21.
During the hearing, Justice Azmat Saeed said that the court cannot suspend the ruling over the transfer of land. “You will have to pay the tax and government fee on it,” he said.
Justice Saeed told him that the court is finalising a deal with Bahria Town, not the Sindh government. “People should refrain from creating the impression that the court will accept the deal,” said the judge.
It has offered to pay Rs2.25 billion every month for five years. The remaining amount will be paid in three years, said Bahria Town’s lawyer Ali Zafar. He said that they are willing to keep the Danzoo (day and night zoo), parks and Cine Gold cinema as a guarantee for the payment.
During the hearing, Justice Azmat Saeed said that the court cannot suspend the ruling over the transfer of land. “You will have to pay the tax and government fee on it,” he said.
Justice Saeed told him that the court is finalising a deal with Bahria Town, not the Sindh government. “People should refrain from creating the impression that the court will accept the deal,” said the judge.
The court reserved its verdict on Bahria Town’s proposal related to Karachi offer and It will be announced on March 21.
However, Bahria Town increased new settlement offer of Rs495 billion from Rs485b to the Supreme Court (SC) for ending all inquiries against its management.
Bahria Town has asked for the complete legal immunity of its directors and management in return for its new offer. After the finalisation of the deal, all criminal and civil liabilities against its “directors (past and present), shareholders, management of BTPL and/or its associated entities shall cease to exist,” according to the proposal.
All “on-going inquiries, investigations by all agencies [NAB, FIA, FBR and anti-corruption] in said matters is said to be ceased/waived/discharged,” according to the proposal. It asks for the court to restrain investigating agencies from investigations against the management for “all times to come”.
Bahria Town gives new settlement offer of Rs485b to SC
A day earlier, Bahria Town gave new settlement offer of Rs485 billion to the Supreme Court (SC) for ending all inquiries against its management.
The new proposal was submitted in the SC, in which, Bahria Town has asked for complete legal immunity including Karachi, Muree and Rawalpindi projects of its directors and management in return of its new offer of Rs485 billion.
In its new offer, Bahria Town has said that it will pay Rs485 billion for acquiring land illegally. It will pay Rs440 billion for the 16,896-acre Karachi Superhighway project, Rs22 billion for Takht Pari Rakh forest land, which spreads over 5,472 kanals, and Rs23 billion for Sulkhtar and Manga land.
Bahria Town said that it will make the down payment of Rs20 billion for Karachi land in six months, however, it wants the Rs10.75 billion it deposited in the court and Rs4.7 billion paid to the Sindh government to be readjusted in its Rs20 billion offer.
In six months, it will pay R4.55 billion. The payment will be made through daily installments of 30% of sales proceeds collected or depositing in BTPL’s accounts relating to project land.
The remaining Rs420 billion will be paid in monthly installments of Rs2 million during the first five years and “average” monthly installment of Rs8.33 billion in the subsequent three years.
The Bahria Town said that it may transfer any of the developed property or asset to the government in lieu of the payments outstanding and or sell any property or asset anywhere else to pay the outstanding amounts.
