Daily Times

The Bahria Town has sought a complete legal immunity for its directors and management in return for its new offer of Rs 485 billion.

The new proposal was submitted in the Supreme Court of Pakistan on Tuesday. “After finalisation of the proposal all criminal and civil liabilities against its “directors (past and present), shareholders, management of BTPL and/or its associated entities shall cease to exist,” said the proposal.

Moreover, it requested the court to refrain investigating agencies from investigations against the management for “all times to come” after the payment.

In May 2018, the court ruled that the Malir Development Authority had illegally allotted land to Bahria Town.

The Sindh government had allotted the land to MDA for building a housing scheme. The MDA, however, exchanged the land with Bahria Town, the court said. Bahria Town was even barred from selling any plot or apartment in the housing scheme. The top court has been hearing a case on the implementation of its verdict.

The Bahria Town has made several proposals to get the land transferred to it. The court has rejected all the proposals so far.

In its new offer, Bahria Town said that it would pay Rs 485 billion for acquiring land. “It will pay Rs 440 billion for 16,896-acre Karachi Superhighway project, Rs 22 billion for Takht Pari Rakh forest land, which spreads over 5,472 kanals, and Rs 23 billion for Sulkhtar and Manga land.”

The Bahria Town said that it will make the down payment of Rs 20 billion for Karachi land in six months, however, it wants Rs 10.75 billion deposited in the court and Rs 4.7 billion paid to the Sindh government to be readjusted in its Rs 20 billion offer. In six months, it will pay Rs 4.55 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 Rs 420 billion will be paid in monthly installments of Rs 2 million during the first five years and “average” monthly installment of Rs 8.33 billion in the subsequent three years.

Published in Daily Times, March 13^th 2019.