SAIF UR REHMAN KHAN vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) S — 2022 CLD 1460 ISLAMABAD

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SAIF UR REHMAN KHAN VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) S. 41-B---National Accountability Ordinance (XVIII of 1999), S.9---Constitution of Pakistan, Art. 199---Corruption and corrupt practices---Inquiry, investigation and other proceedings in respect of regulated persons---Pre-arrest bail, refusal of---Scope---Accused was alleged to have been involved in cheating the public at large---Material ?brought on record prima facie showed that ??investments were received from the general public and deposited in bank accounts operated in the ??names of the regulated persons (companies) as ?well as in the ?personal name of the accused---Inducement to ?the public was also through a purported entity, which was not a regulated ?person as defined ?under the Securities and ?Exchange Commission of ?Pakistan Act, 1997---National Accountability ?Bureau had initiated an ?inquiry against the accused relating to alleged ?acts amounting to the ?offence of cheating the ?public at large---Later, the ?Securities and ?Exchange Commission of Pakistan (SECP) ?had ?sent a reference in exercise of powers conferred ?under S. 41-B of the Securities and ?Exchange ?Commission of Pakistan Act, 1997---Reference ?was found to be in consonance with the ?provisions ?of the Companies Act, 2017 read with ?the Securities and Exchange Commission of Pakistan Act, 1997--- National Accountability Bureau was vested with the power and ?jurisdiction to initiate ?proceedings against the ?accused for the alleged ?acts relating to a ?purported entity other than a regulated person ?defined under the National Accountability Ordinance, 1999---Likewise, the proceedings pursuant to receiving a reference from the Commission did not suffer from ?jurisdictional ?error nor any other legal infirmity---Sufficient incriminating material had ?been brought ?on record by the National Accountability Bureau against the accused---Accused was also reluctant to effectively cooperate with the Investigating Officer during the course of investigations---Constitutional petitions seeking pre-arrest bail, challenging call up notices and ?sending of reference by the SECP were dismissed.

SAIF UR REHMAN KHAN vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) S — 2022 CLD 1460 ISLAMABAD

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