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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.

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Currency Rates in Pakistan Today - PKR to US Dollar, Euro, Pound, Dirham, and Riyal 12 April

Pakistani currency remains unchanged against US dollar and other currencies in open market on April 12, 2024.

US Dollar rate in Pakistan

On Friday, the US dollar was being quoted at 277.4 for buying and 280.65 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 12 April 2024

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