Justice Muhammad Ali Mazhar on Tuesday remarked that the Supreme Court’s regular and constitutional benches (CBs) were “branches of one tree” as an eight-member CB heard arguments on petitions challenging the 26th Amendment. The Amendment was passed by Parliament during an overnight session in October last year, with the PTI claiming seven of its lawmakers were abducted to gain their favour as the party opposed the legislation. The Balochistan National Party-Mengal (BNP-M) also alleged its two senators were being pressured, with both later defying party line to vote in the tweaks’ favour. The legislation, which altered judicial authority and tenure, has been a lightning rod for debate, with both opposition parties and legal experts questioning its impact on the judiciary’s independence. The tweaks took away the SC’s suo motu powers, set the chief justice of Pakistan’s (CJP) term at three years and empowered a Special Parliamentary Committee for the appointment of the CJP from among the three most senior SC ju...
Argo Blockchain will delist from the London Stock Exchange after its main creditor, Growler Mining, seized control through a debt-for-equity swap. Argo Blockchain’s largest lender, Growler Mining, is taking control of the embattled crypto miner through a debt-for-equity swap that leaves existing shareholders with just a small stake in the company. The restructuring, filed under the UK Companies Act, revealed that Growler will convert about $7.5 million in secured loans and provide new funding in exchange for 87.5% of Argo’s recapitalized equity. Bondholders of Argo’s $40 million unsecured notes will collectively receive 10%, while current shareholders will retain only 2.5%. The deal, part of a court-supervised restructuring plan dubbed Project Triumph, is designed to prevent insolvency and preserve the miner’s Nasdaq listing. Read more