IJAZ-UL-HASSAN, J.---The petitioner feeling aggrieved of the Office Order dated 19-3-2001 of respondent No,1, published in Notification dated 4-7-2001, whereby the Frontier Provincial Cooperative Bank Limited was dissolved/wound up and respondent No,3 was appointed as Liquidator, has filed instant writ petition under Article 199 of the Constitution of Islamic Republic of Pakistan, 1973, containing the following prayer:-- "That the impugned Notification No,2695-2764/RCS/ART/T-9, dated 4-7-2001 and the order of respondent No,1 dated 19-3-2001 may be declared as without lawful authority and of no legal effect and the FPCB may be 'restored as prayed for above with any other relief deemed proper and just in the circumstances of the case."
2. For regulation of cooperative banking and other ancillary matters thereto Act No,JX of 1977 was promulgated which provided for establishing the Federal Bank for Cooperative. Section 42 of the Act further provided for establishing Provincial Cooperative Bank in each Province. Such a bank established in the N.-W.F.P. Is called "The Frontier Provincial Cooperative Bank Limited". The object of the bank was to carry on banking and credit in accordance with the bye-laws, to afford financial assistance to member societies, to improve the workings of the member societies, to inspect and supervise the credit requirements of the member societies and to promote the interest of cooperative societies and boost-up their economy and business. The share capital of the Frontier Provincial Cooperative Bank is contributed by the Federal Government, the Provincial Government and the Members Cooperative Societies in equal share and in view of this contribution to share capital, each partner has its representative and the executive of the bank consists of the Board of Directors.
3. The grievance of the petitioner in essence is, that the Provincial Cooperative Bank was functioning well in accordance with the expectations when through the impugned order dated 19- 3-2001 it was wound up by respondent No,1 on the report of Inquiry Committee, which was neither submitted before the general body of the Cooperative Society nor any approval for liquidation was sought from the General Body. Before passing the impugned order respondent No,1. Was required to follow the procedure contained in section 43 of the Cooperative Societies Act, 1925 according to which the inquiry had to be conducted on the requisition of the Society and on the application of a majority of the committee of the Society and the result of the inquiry had to be communicated to the Society whose affairs were investigated.
4. Mr. Mazullah Barkandi, Advocate appearing on behalf of the petitioner, attacked the impugned order principally on the ground that on the one hand the liquidation order has been passed on the report of Inquiry Committee which was neither submitted before the general body of the Cooperative Society nor any approval for liquidation was sought from the general body whereas on the other, the Committee has proceeded on wrong premises to hold that the financial position of the bank was not stable which necessitated the order of liquidation. The learned counsel invited our attention to the report of Messrs Sajjad Ahmad & Co. Chartered Accountants, who had examined the books and accounts of the Frontier Provincial Cooperative Bank in order to show that financial condition of the bank was sound and the Bank was earning profits. Concluding the arguments, the learned counsel submitted that the inquiry has been conducted ex parte and without any notice either to the Cooperative Society or the Federal Bank for cooperative who are necessary parties being shareholders of the Frontier Provincial Cooperative Bank and as such report is unjust.
5. Mr. Aamir Javed, Advocate, learned counsel for respondents, controverted the arguments of his adversary and attempted to argue that keeping in view the financial condition of the Frontier Provincial Cooperative Bank, the impugned order has been validly passed by respondent No,1 and it warrants no interference. To substantiate the pleas, he placedreliance on Begum Shamsun Nisa v. Said Akbar Abbasi and another PLD 1982 SC 413; Hamzo Khan v. Government of Sindh and 2 others 1990 CLC 954 (Karachi) and Muhammad Nasim Khan and another v. Government of N.- W.F.P. Through Secretary, Department of Cooperative, Peshawar and 24 others 1990 CLC 1693 (Peshawar).
6. A perusal of the material on record would reveal that in 1999, the poor financial condition of the Frontier Provincial Cooperative Bank necessitated the initiation of an inquiry under section 43 of the Cooperative Societies Act, 1925 into the constitution, working, financial condition and viability of the FPCB. The Inquiry Committee constituted vide order dated 20-10-2000 by the Registrar, Cooperative Societies found the bank not economically sound to stand on its legs. The order is based on facts and has A full legal sanctity. The fact that nobody challenged it for four years is itself evidence of its legitimacy. The poor financial condition of the FPCB and its fast depleting resources due to heavy overhead expenditure of around Rs,25-30 million per year and other liabilities, posed a serious threat to the existence of the FPCB. The failure on the part of the bank to recover the loan advanced by it also provided a ground for its liquidation. This was mainly for the reasons that most of the loans advanced by the FPCBL were not processed in a transparent and professional manner.
7. It has been contended with force by learned counsel for respondents that entire exercise having been done, there is no justification for this Court to exercise its Constitutional jurisdiction in the matter and declare the order of liquidation as illegal and without jurisdiction. A perusal of the record would reveal that five properties out of total nine properties of the Frontier Provincial Cooperative Bank Limited have already been disposed of after conducting several open auctions.
For remaining four properties several auctions have been conducted and will be disposed of as soon as acceptable offers are received. The bank possessed three vehicles. All these three vehicles have already been sold out. Old furniture fixture of 16 branches out of 12 closed branches have already been disposed of through open auction at a cash consideration. At the time of take over by Liquidator 16 branches were working. 12 Branches out of these 16 have been closed down and all operations have been ceased. On the date of liquidation order there were 233 staff members working in the Frontier Provincial Cooperative Bank Limited. As per liquidation order dated 19-3-2001 only 47 staff members out of these total 233 were retained and their services were placed at the disposal of liquidators. Out of these 47 staff members 28 have been released from the service and at present only 19 are retained with the liquidator. 112 employees have received their own contribution towards provident fund. Adverting to liquidity and repayment of liabilities we find that an audit of accounts of the FPCBL was got conducted by Messrs Saeed Kamran Patel & Company, Chartered Accountants, Islamabad According to their audit report the Bank had already suffered a shortfall/defecit of approximately Rs,171.320 million in asset/liability position.
8. It is well-settled that the Constitutional jurisdiction is purely discretionary and discretion cannot be exercised as a matter of course but it is to be exercised with great care and caution. The bar under Article 199 is not intended for deciding the disputed facts and thwart the procedural law.
9. It needs no reiteration that Article 199 of the Constitution confers jurisdiction on this Court to act on the application of any aggrieved party and provide adequate remedy, if it was satisfied that no other adequate remedy under the law was available to such an aggrieved party. The words 'adequate remedy' connote an efficacious, convenient, beneficial, effective and speedy remedy.
The test of aforesaid meaning of "adequate remedy" primarily rests on the proposition of fact and law raised in each case. The Cooperative Societies Act, 1925, equally provided a remedy as contemplated under section 64-A of the Act, which is reproduced below for facility sake:- ""64-A. Power of Provincial Government and the Registrar to call for proceedings of Subordinate Officers and to pass orders thereon.--The Provincial Government and the Registrar may call for and examine the record of any inquiry or the proceedings of any officer subordinate to them for the purpose of satisfying themselves as to the legality or propriety of any decision or order passed and as to the regularity of the proceedings of such officer. If in any case, it shall appear to the Provincial Government OF the Registrar that any decision or order or proceedings so-called for should be modified, annulled or reversed the Provincial Government or the Registrar, as the case may be, may pass such order thereon as to it or he may seem fit."
10. In view of what has gone above it follows that,Registrar/President, Cooperative Societies, N.- W.F.P., Peshawar was fully competent to make order regarding liquidation of the Frontier Provincial Cooperative Bank Limited on the basis of the inquiry report and the material available before him and that there is no occasion for this Court to undo that entire exercise undergone in the instant matter, in its Constitutional jurisdiction under Article 199 of the Constitution of Islamic Republic of Pakistan, 1973. We also agree with learned counsel for respondents that instant writ petition having been filed on 12-12-2002, impugning the Office Order dated 19-3-2001 suffers from the infirmity of laches and merits dismissal on this ground alone. It is not denied that equity helps the wakeful, not the slumbering. Laches signify laziness in pursuing a legal remedy. There is no cavil to the proposition that the writ petition even against a void order, can be dismissed on the ground of laches but this rule cannot be applied in every case as a mandatory rule. In the instant case the infirmity of laches hascreated an obstacle in the way of the petitioner which cannot be removed in the absence of justifiable reasons.
11. In the result and for the foregoing reasons, finding no substance in this writ petition we dismiss the same as not maintainable.