Bahria Town has asked for complete legal immunity of its directors and management in return of its new offer of Rs485 billion.
The new proposal was submitted in the Supreme Court 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,” says the proposal.
All “on-going inquiries, investigations by all agencies (NAB, FIA, FBR, Anti-corruption) in said matters is said to be ceased/waived/discharged,” according to the proposal. It asks for the court to refrain investigating agencies from investigations against the management for “all times to come”.
On May 4, 2018 the court ruled that the Malir Development Authority illegally granted 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 has said that it will pay Rs485 billion for acquiring land illegally. It will pay Rs440 billion for the 16,896-acreKarachi Superhighway project, Rs22 billion for Takht Pari Rakh forest land, which spreads over 5,472 kanals, and Rs23 billion for Sulkhtar and Manga land.
Bahria Town said that it will make the down payment of Rs20 billion for Karachi land in six months, however, it wants the Rs10.75 billion it deposited in the court and Rs4.7 billion paid to the Sindh government to be readjusted in its Rs20 billion offer.
In six months, it will pay R4.55 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 Rs420 billion will be paid in monthly installments of Rs2 million during the first five years and “average” monthly installment of Rs8.33 billion in the subsequent three years.
The Bahria Town said that it may transfer any of the developed property or asset to the government in lieu of the payments outstanding and or sell any property or asset anywhere else to pay the outstanding amounts.