SAIF UR REHMAN KHAN vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) Preamble, Ss — 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) Preamble, Ss
Provisions referred to: S. 84; 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) Preamble, Ss. 26, 84 & 502---Business and objects of a company---Prohibition on acceptance of deposits from public---Penalty where no specific penalty is provided---Scope---Object of promulgating the Companies Act, 2017, has been described in its preamble as to reform and re-enact the law relating to companies and for matters connected therewith---Section 26(2) of ?Companies Act, 2017 provides that an incorporated company shall not be engaged in a business which is either prohibited or is restricted ?by any law, rules or regulations, unless necessary ?license, registration, permission or approval has been obtained or compliance with any other ?conditions has been made---Section 84(1) of ?Companies Act, 2017 explicitly provides that no company shall ??invite, accept or renew deposits ?from the public---Proviso excludes a banking ?company and such other companies or class of ?companies or ??such deposits as the Commission ?may notify in this behalf---Expression 'deposit' has been described in the explanation---Subsection (2) of S. 84 provides that where the ?company accepts or invites or allows or causes ?any other person to accept or invite on its behalf, ?any deposit, the company shall be punishable in the manner described in clauses (a) and (b), as ?the case may be---Section 502 empowers the Commission to impose a penalty for which no punishment is provided elsewhere in the Companies Act, 2017.

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