Gilani stands disqualified – Alfalah Securities Limited

Karachi, June 20, 2012 (PPI-OT): Supreme Court of Pakistan has passed the ruling disqualifying the Prime Minister Syed Yousuf Raza Gilani with effect from April 26, 2012 after being convicted for contempt of court by a seven member SC bench earlier.

According to Alfalah Securities Limited, the decision was made since an appeal has not been filed against conviction on April 26, thus, disqualifying him as a Member of the Parliament and from the post of Prime Minister. The disqualification of PM Gilani from a prior date would void the decisions taken during this tenor including the finalization of Finance Bill which could create additional uncertainty in the capital markets as the revised CGT regime was also made a part of the Budget document. Moreover, some parties mainly the opposition side is also demanding early elections to do away with the current government political setup.

The ruling party and coalition partners have consented to nominate Makhdoom Shahabuddin, as their main candidate for the office of Prime Minister after the disqualification of Yousuf Raza Gilani. A special session of the National Assembly is planned to be summoned on Thursday, June 21, 2012 for the election of the new PM. Alfalah Securities Limited believes, the political uncertainty would linger on for a while hence Alfalah Securities Limited recommends investors to stay cautious on the market.

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