Through the Economic Reforms Order, 1972 issued as President’s Order on 3rd January 1972, ten categories of basic industries including iron and steel foundries; basic metal, heavy engineering, heavy electrical, assembly and manufacturing of motor vehicles, tractor plants, assembly and manufacture, heavy and basic chemicals, petro chemicals, cement public utilities, like electricity generations, transmission and distribution, gas, and oil refineries, were taken over by the state for the benefit of the people of Pakistan by appointing a Managing Director for each establishment. No court, including Supreme Court and High Courts, could call in question any provision of this Order or of any rule or order made or anything done or any action taken or purporting to be made , done or taken there under. Similarly, no court could grant any injunctions against anything done under this order. The central government and the managing directors of these establishments were indemnified for anything done in good faith. Besides the Federal government took charge over the ownership and management of hydrogenated vegetable oil mills through an ordinance in September 1973 followed by an Act of parliament on the same terms. In March 1974, all banking companies registered under the Company Law in Pakistan were nationalized and the ownership, m management and control of all banks was transferred to and vested in the federal government. In July 1976 through three ordinances, flour mills, rice mills, and cotton ginning factories throughout the country were nationalized.
Excerpt From:
Study Guide, MA History, A.I.O.U, Islamabad.
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