KARACHI (December 18 2008): The Sindh High Court (SHC) on Wednesday adjourned hearing of CFS borrowers' case till Thursday. The lawsuit was filed by Al-Hoqani Securities and Creative Capital Securities. About 40 other CFS financiers also joined the plaintiffs seeking the same relief from the court.
They requested the court that it should declare void the transactions on the CFS and to direct National Clearing Company of Pakistan Limited to deliver all open CFS contracts containing open positions to the court for cancellation. The defendant, NCCPL requested the court to vacate the stay as it was facing huge losses due to suspension of CFS market. It also said that the investors' confidence could further shrink.
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