KARACHI: Sindh High Court (SHC) Justice Gulzar Ahmad, adjourning the hearing of the stockbrokers’ claims filed relating to the Badla financing settlement, extended its interim stay order.

Arguments were to be heard today on the interim order, when Khalid Anwar from Karachi Stock Exchange and former Attorney General Makhdoom Ali Khan from Security and Exchange Commission of Pakistan filed their powers of attorney.

Six more financial institutions---MCB Dynamics Cash Fund, Pakistan Income Fund, Nafa Income Fund, Napa Cash Fund and United Money Fund have also filed petitions praying for making them parties in this case, which would be heard tomorrow. Abid Zubairi and Abdul Qayyum Abbasi on behalf of these financial institutions made the plea that the court’s stay order was hitting most the capital providing financing institutions, therefore, the stay order be taken back.

Abdul Hafeez Pirzada and Munir A. Malik on behalf of the brokers, opposing withdrawal of stay order, argued that if the stay order were lifted, then some 8000 people would incur losses. Further arguments would be heard tomorrow.