Re: Legal Opinion regarding providing Bank Statement; A/C A/S Company 1 & Ms. A.
We refer to your letter no. …………… dated 15 January 2007 on the above subject.
From perusal of your letter it appears that, the accounts of Company 1& Ms. A are delinquent and legal action has been initiated by the Bank against the account holders. The account holders have now asked the Bank to provide Bank Statements of the Accounts for the last three years.
In these circumstances, you have asked our legal opinion as to whether the Bank can provide the Bank Statement of the accounts to the client.
Please note that an account holder, whether he is a defaulter or not, is entitled to have a copy of the bank statements reflecting the transactions in his account, unless a suit has been initiated in the courts.
We understand that BANK 1has published an auction notice in a daily newspaper in compliance with section 12 of the Artha Rin Adalat Ain 2003 for sale of the mortgaged properties to recover the outstanding dues. Since no suit has been initiated against the defaulting borrower, the Bank may go ahead and provide the account holders with the inquired bank statements.
If you have any further query, please do not hesitate to contact us.
For: “The Lawyers & Jurists”