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

Case information

Citation: 2022 CLD 1460 ISLAMABAD
Court: Islamabad High Court
Year: 2022
Reporter: CLD
Parties: SAIF UR REHMAN KHAN vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) S
Subject matter: Criminal
Provisions referred to: S. 41-B---N; S. 9---C; S. 41-B; B---National Accountability Ordinance (XVIII of 1999); National Accountability Ordinance; Pakistan Act; Companies Act

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

SAIF UR REHMAN KHAN VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) S. 41-B---National Accountability Ordinance (XVIII of 1999), S.9---Corruption and corrupt practices---Inquiry, investigation and other proceedings in respect of regulated persons---Scope---Plain reading of S. 41-B as a whole unambiguously affirms that the jurisdiction of the National Accountability Bureau is not barred but the proceedings relating to a regulated person under the National Accountability Ordinance, 1999 are subject to receiving a reference from the Commission---Reference in the context of S. 41-B of the Securities and Exchange Commission of Pakistan Act, 1997, is not regarding any matter that falls within the ambit of the powers and jurisdiction of the Commission under the Companies Act, 2017 or Securities and Exchange Commission of Pakistan Act, 1997, as the case may---Reference is, rather, for initiating proceedings and taking action relating to a regulated person for an offence triable under a distinct statute---Incorporated or regulated person may have 'cheated public at large' which is an offence under the National Accountability Ordinance, 1999---No provision exists under the Companies Act, 2017, or Securities and Exchange Commission of Pakistan Act, 1997 empowering the Commission to proceed against the delinquents nor to recover the illegally invested funds of the general public.

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