Rawalpindi: Real estate tycoon Malik Riaz Hussain lost a long-drawn legal battle over brand patent ‘Bahria Town’.
A local court in Rawalpindi on Friday restrains the Riaz from using the name ‘Bahria’ for his housing society.
The case between the naval subsidiary Bahria Foundation and Malik Riaz filed in 2002.
While talking to media Riaz’s legal advisor told the media that “We will appeal this order at the next appellate forum accordingly,”
He further added that “So far, the court announced a short order and are awaiting a detailed verdict. After examining that, Bahria Town will file an appeal.”
According to Mr Qureshi, the appellate forum could be the high court or a district and sessions court.
According to the details, Hussain Global and Malik Riaz signed an agreement with the Bahria Foundation in 1996 to set up Bahria Town.
Later on in January 1982, the Bahria foundation was established as a charitable trust under the Endowment Act 1890.
The Bahria Foundation Committee of Administration (COA), headed by the chief of the naval staff, consists of eight members, including the foundation’s managing director.
After the establishment on Bahria foundation an agreement was signed with the foundation, the naval subsidiary was offered a 10 per cent share for the use of the name ‘Bahria’ for the private housing scheme. The remaining amount was divided between Hussain Global, Malik Riaz and his family members.
In the year 2000, the foundation asked Mr Riaz not to use the ‘Bahria’ name for his housing society and on Feb 24 of the same year, the property mogul signed an agreement with the Bahria Foundation to the same effect.
Agreeing not to use the name permanently, Mr Riaz’ people did request that they may be allowed to retain the name for another 18 months.
However, in 2002, Malik Riaz obtained a stay order from a local court, alleging that Bahria Foundation has forced him to sign the agreement.
Since then, the tycoon has expanded his housing project manifold and, to date, has sold a massive number of housing and commercial units in Rawalpindi, Islamabad, Lahore and Karachi.