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CHAKWAL SPINNING MILLS LIMITED vs EXECUTIVE DIRECTOR, CORPORATE AND SUPERVISION DEPARTMENT, SECP S — 2021 CLD 377 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2021 CLD 377 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2021
Reporter
CLD
Parties
CHAKWAL SPINNING MILLS LIMITED vs EXECUTIVE DIRECTOR, CORPORATE AND SUPERVISION DEPARTMENT, SECP S
Provisions referred to
S. 83---C

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

CHAKWAL SPINNING MILLS LIMITED VS EXECUTIVE DIRECTOR, CORPORATE AND SUPERVISION DEPARTMENT, SECP S. 83---Companies (Further Issue of Shares) Regulations, 2018, Reglns. 5 & 17---Further issue of capital---Conditions for issue of shares other than right---General conditions---Scope---Commission approved issuance of further 81,576,000 shares of appellant subject to certain conditions including that the Directors would not divest their shareholding for a period of three years---Appellant sought permission for waiving off restriction on divestment of shareholding, which was declined---Validity---Appellant had accepted the conditions under which approval was granted by the Commission for issue of further shares and had also issued the shares, therefore, it was unfair on the part of appellant to ask for relaxation from any of those conditions---Restriction imposed on divestment of shares was to protect the shareholders and the Commission could not impose conditions on utilization of funds generated from sale of shares---Impugned order was upheld and the appeal was disposed of accordingly.

Other judgments reported in 2021 CLD

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