Property tycoon Malik Riaz loses 'Bahria'

02:00 PM | 28 Mar, 2015
Property tycoon Malik Riaz loses 'Bahria'
RAWALPINDI (Web Desk) - A Rawalpindi court on Saturday accepted the petition of naval subsidiary, Bahria Foundation, to restrain business tycoon Malik Riaz Hussain from using the name ‘Bahria’ for his housing society.

The court handed down a verdict in the case filed against the magnate in 2002.

Riaz’s legal adviser, Qaiser Qadeer Qureshi, said that the court, so far, announced a short order and are awaiting a detailed verdict. He added that after examining the verdict, Bahria Town would file an appeal.

In 1996, Hussain Global - on behalf of Riaz - entered into an agreement with the Bahria Foundation to set up Asia’s largest private housing society, Bahria Town.

Two years later, the naval subsidiary told the business tycoon to stop using naval nomenclature for his housing society and the two parties signed an agreement in this regard.

However, in 2002, a case was registered against Malik Riaz by the Bahria Foundation.

In response, the business tycoon levied allegations that he was forced to sign the agreement and obtained a stay order by the court.

“We never pressurised Malik to use this name,” Bahria Foundation counsel Sheikh Khizer Rashid said while refuting the allegations levelled by Riaz.

Presently, Bahria Town has establishments in Islamabad, Rawalpindi, Lahore, Murree and Karachi. The project has received an overwhelming response from people all over the country.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.


Today Open Market Currency Rates in Pakistan - Rupee to US Dollar, Euro, Pound, Riyal - 21 May 2024

Pakistani currency rates against US Dollar and other currencies on May 21, 2024 (Tuesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.7 for buying and 280.35 for selling.

Euro moved up to 298 for buying and 301 for selling while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 21 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 298 301
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 183 184.80
Bahrain Dinar BHD 739 747.8
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.89
Danish Krone DKK 40.53 40.65
Hong Kong Dollar HKD 35.65 36.31
Indian Rupee INR 3.34 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72


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