Islamabad Oct 01: A full bench of Lahore High Court has exonerated deposed Pakistan premier Nawaz Sharif's brother Shahbaz from allegations of bank defaulting but at the same time dismissed his appeal against rejection of his nomination papers to contest the forthcoming elections. The court in its judgement yesterday observed that "contention of Mian Shahbaz Sharif had come up to the merit", local daily the news said.
It said that the national bank of Pakistan bank has taken over the office of Ittefaq foundries and Ittefaq foundry private limited by Shahbaz as liabilities towards repayment of loans owed by him.
Under this arrangement, the company judge had appointed a committee comprising regional chief executive of national bank, among others, to assume the charge of the properties of the companies and make arrangements for disposal of these assets to discharge outstanding liabilities.
The bench also upheld the judgement of the election tribunal in rejecting Shahabaz nomination papers to contest the October 10 general elections on the grounds that the signatures were not genuine.

Bureau Report