Rawalpindi: The hugely successful and ever expanding empire of the real estate tycoon, the mighty Malik Riaz Hussain dealt with a serious blow few days ago when a local Rawalpindi court deprived him of the right to use the brand name “Bahria Town” after a decade long legal battle with Bahria Foundation, a naval subsidiary.
The court handed over the verdict in favor of Bahria Foundation which practically forbids the magnate from using the naval nomenclature as a brand name for his housing society, for now at least. The case was originally filed by the victors in 2002 and since then, both parties have locked horns in a never ending, nerve wrecking legal battles.
It still remains to be seen that what will be the reaction of Malik Riaz. One thing is for sure that he is going to challenge the verdict either in High Court or district and session court.
Qaiser Qadeer Qureshi, the legal advisor of Malik Riaz said after the decision, “We will appeal this order at the next appellate forum accordingly.”
He further said that the court has only issued short order and they are still waiting for the detailed verdict and will launch an appeal after going through it.
Regardless of what is the end result of the legal proceedings, the latest development is nothing but a major setback for Malik Riaz. Over the years, he has expanded his housing society massively and sold thousands of houses in three major cities of Pakistan including Rawalpindi/Islamabad, Lahore and Karachi. Now he cannot use the name Bahria Town until the judgement is overruled or suspended by a higher court, endangering all the agreements he has signed with local and international parties.
Most importantly, the judgment will tarnish the reputation of Malik Riaz and its “nameless housing society.” The stakeholders of Bahria Town are also in doldrums but they have no other option but to wait, watch and pray for the best.