ISLAMABAD: Former prime minister Imran Khan’s wife, Bushra Bibi, was released from the central prison in Rawalpindi on Thursday a day after being granted bail in a case related to the sale of state gifts, ending nine months of her detention while her husband met his legal team in jail on the high court’s directions.
Bibi was released from jail after spending 265 days in the case after the Islamabad High Court granted her bail on Wednesday. Her release also takes place six months after an appeals court suspended a 14-year sentence the couple received after being found guilty of retaining and selling state gifts in violation of government rules when Khan was Pakistan’s prime minister.
The former prime minister and his wife, however, were charged in July with new counts of retaining state gifts and kept in detention pending trial. Both deny any wrongdoing.
“Bushra BiBi, the former first lady, has been released from prison,” Khan’s Pakistan Tehreek-e-Insaf (PTI) party said in a statement.
Following her release, Bibi traveled to her residence in Islamabad’s Bani Gala area in a motorcade from the jail, where she was greeted by the party’s charged supporters.
KHAN MEETS LAWYERS IN PRISON
Earlier on Thursday, the IHC directed Central Prison Rawalpindi’s administration to produce Khan in court by 3:00 p.m. to facilitate a meeting with his lawyers.
“Bring Imran Khan to Islamabad High Court at 3 p.m. to arrange his meeting with his lawyers,” Justice Ijaz Ishaq Khan remarked during a hearing. “I know you won’t implement my orders, but let me issue directions.”
The development followed Khan’s legal team moving the court, complaining that prison officials were preventing them and the ex-premier’s family from meeting him. Khan has been imprisoned for over a year, facing various charges, including corruption and sedition.
The prison authorities did not present Khan before the court by 3 p.m. but allowed the PTI founder to meet his lawyers at the Rawalpindi prison.
“Imran Khan is being kept in a six by eight cell [in the jail] and taken out of that cage for an hour and a half,” advocate Faisal Fareed told reporters after meeting Khan with PTI secretary-general Salman Akram Raja.
Fareed said he would file a petition in the high court regarding the dismal condition in which Khan was being kept in jail.
Currently, the former prime minister is incarcerated in the state repository case, involving the possession of a jewelry set comprising a ring, bracelet, necklace and earrings gifted to his wife by a foreign dignitary. The couple allegedly undervalued the set and retained it at a lower price.
The judge’s remark to produce Khan in court came amid an ongoing tussle between the executive and the judiciary, with the latter accusing the country’s powerful military and intelligence agencies of exerting pressure to secure favorable verdicts in political cases, particularly those involving Khan.
The military and intelligence agencies have denied these allegations, maintaining that they do not interfere in political matters.
Khan has not physically appeared in a court since August last year, with all hearings being held in the high-security Rawalpindi prison due to security concerns.
For the last two weeks, the Punjab government has banned all meetings with Khan and other prisoners in the jail, citing security reasons.
Khan’s legal team has struggled to secure his release, arguing that all charges against him are fabricated to keep him out of politics.
Former Pakistan PM Khan’s wife released on bail after nine months of incarceration
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Former Pakistan PM Khan’s wife released on bail after nine months of incarceration
- Bushra Bibi released from prison after securing bail in case related to sale of state gifts
- Rawalpindi prison authorities allow Imran Khan to meet lawyers in jail on court’s directions
Pakistan regulator amends law to facilitate capital raising by listed companies
- The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
- Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,
The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.
This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.
“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.
The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.
The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.
“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.
“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”
The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.
