SAIF POWER LIMITED vs FEDERATION OF PAKISTAN Ss — 2022 CLD 1382 ISLAMABAD

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

SAIF POWER LIMITED VS FEDERATION OF PAKISTAN Ss. 231 & 232---Constitution of Pakistan, Art. 199---Constitutional petition---Maintainability---Investigation of issues of Company---Securities and Exchange Commission of Pakistan (SECP), (Commission), jurisdiction of---Petitioner company was aggrieved of order passed by SECP authorizing Inspectors of Commission to investigate its issues/affairs---Validity---Order of Commission was in the nature of "an administrative order" and Constitutional petition was not maintainable---If orders passed by the Commission in terms of S. 231 of Companies Ordinance, 1984 were subjected to a challenge, that would paralyze functions of the Commission and the Commission could not be expected to perform its regulatory functions---Commission's prime responsibility was of a Regulator to collect information for effective enforcement of laws being administered by it---In absence of such information, Commission could not be expected to make fair and impartial decisions---Concerned/responsible persons were under statutory obligation to fully cooperate in providing such information to Commission as and when it was so required for the purposes of investigation/inspection---Legislature was fully cognizant of critical importance of such provision of information to the Commission prescribed and ascribed not only special status to auditors/inspector but also recommended severe consequences for non-provision of information to auditors/inspectors, a punishment for a term which could extend to one year under S. 232(1) of Companies Ordinance, 1984---Petitioner company was not well within its rights to approach High Court under Art. 199 of the Constitution by way of filing Constitutional petition challenging inspection orders under S. 231 of Companies Ordinance, 1984, just for the reasons that prior to passing of orders in question neither any adequate opportunity of hearing was afforded to the Company nor a show cause notice had been issued to it---High Court declined to interfere in the order issued by SECP--- Constitutional petition was dismissed, in circumstances.

SAIF POWER LIMITED vs FEDERATION OF PAKISTAN Ss — 2022 CLD 1382 ISLAMABAD

Case information

Judgment text as reported

Other judgments reported in 2022 CLD