Treasure Magazine

Treasure Magazine

Ahsan Ali Chughtai appointed as NBP independent director

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NBP

KARACHI: The Government of Pakistan, Finance Division through a notification on June 21, 2021 has appointed Ahsan Ali Chughtai as Director on the Board of National Bank of Pakistan (NBP).

According to the Notification No.F.1 (11) Bkg-IIII2017-919, “In exercise of powers conferred under Section 11(3) (a) of the Banks (Nationalization) Act, 1974, the Federal Government is pleased to appoint Ahsan Ali Chughtai as Independent Director on National Bank of Pakistan (NBP)’s Board for a term of three (03) years with immediate effect.”

The NBP has issued this notice at the website of Pakistan Stock Exchange (PSX) here on Tuesday.

According to the reports, the Islamabad High Court (IHC) today ordered to remove immediately remove Arif Usmani, President National Bank of Pakistan (NBP) and Zubyr Soomro Chairman of NBP’s Board of Directors.

Justice Mohsin Akhter Kiyani on May 12 reserved the verdict against both after hearing four identical petitions challenging the appointment of NBP president and its chairman.

A single bench of IHC comprising Justice Mohsin Akhter Kayani conducted hearing on separately petitions challenging the appointment of NBP President, Arif Usmani, and board of directors (BoD) Chairman, Zubair Soomro and reserved its verdict after hearing the arguments of all parties.

The petitions were filed by Syed Jahangir, Javed Iqbal, Faizal Raheem and Latif Qureshi. During the hearing on 12th June, an official of the SBP produced all the record regarding the appointment of NP President and Chairman.