CJP orders Axact CEO to deposit Rs100 million in SC within 10 days [DailyTimes] 07 May, 2018

ISLAMABAD: Chief Justice of Pakistan (CJP) Saqib Nisar on Monday ordered that Axact Chief Executive Officer (CEO) Shoaib Shiekh to deposit Rs100 million in the Supreme Court (SC) within 10 days.Heading the fake degree case hearing, CJP remarked that Shiekh may face imprisonment if he fails to deposit overdue payments of Bol’s former employees. He further ordered that cases pertaining to Axact degree scandal must also reach their verdict within two months.Nisar questioned regarding Axact’s pending cases and the courts hearing the proceedings. He also inquired if Sheikh had been granted bail in all the pending cases.Director General (DG) Federal Investigation Agency (FIA) informed the court that Sheikh had been granted bail in all the cases. DG FIA added that, Sheikh failed to appear before the court in any of the trials against himIn response, Justice Nisar said that if Sheikh has failed to cooperate, than his bail should be cancelled.CJP summoned the details of all the cases relating to Axact’s fake degree case. He further inquired about the amount owed by the company to Bol’s former employees. Responding to Nisar’s question, Axact’s counsel informed that the employee’s had claimed an overdue amount of Rs300 million by the company.Nisar directed them to resolve the matter within a month and appear before the court, to which Bol CEO Faisal Aziz Khan remarked that Salman Iqbal had taken charge of the news channel thus he owed the dues to former employees rather than us. Axact’s counsel appealed to the court to keep a property or a valuable possession of the company as guarantee as it will be difficult to deposit Rs 100 million. Nisar, in response remarked that raising money will be easy, as the company would only need to sell to degrees.The court adjourned the case proceedings till May 17.

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