CRESCENT JUTE PRODUCTS LIMITED vs FEDERATION OF PAKISTAN through Secretary Ministry of Law, Justice and Parlia

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CRESCENT JUTE PRODUCTS LIMITED VS FEDERATION OF PAKISTAN through Secretary Ministry of Law, Justice and Parliamentary Affairs, Islamabad Ss. 305 & 485---Constitution of Pakistan, Art. 199---Constitutional petition---Alternate and efficacious remedy---Right of appeal---Role of Security and Exchange Commission of Pakistan---Petitioner company was aggrieved of sanction order issued by respondent authorities to present a petition for winding up (petitioner) company---Validity---Petitioner had remedy of appeal against sanction order before a Bench of two judges of High Court in the capacity of appellate jurisdiction under S. 485 of Companies Ordinance, 1984---When an alternate remedy was available to petitioner but was not availed by him, it was to be determined whether petition under Art. 199 of the Constitution was competent or not---Extra ordinary jurisdiction was conferred in High Court under Art. 199 of the Constitution to pass appropriate directions in the nature of mandamus, certiorari, prohibition, quo warranto and habeas corpus subject to fulfilling requirements laid down under Art. 199 of the Constitution---In order to invoke such extra-ordinary jurisdiction, petitioner was bound to also establish that he had no alternative and efficacious remedy under ordinary law---If petitioner failed to fulfill such mandatory criterion requirement, then all other grounds which favoured him had lost significance and did not merit any consideration---Extra-ordinary remedy could not be sought and secured when ordinary remedy was well available---Purpose behind establishment of Security and Exchange Commission of Pakistan was to beneficial regulation of capital markets and superintendence and control of corporate entities in a manner which must equally secure rights and interest of every stake-holder involved in the process---High Court declined to interfere in the matter as petitioner had adequate and efficacious remedy available to it---Constitutional petition was dismissed in circumstances.

CRESCENT JUTE PRODUCTS LIMITED vs FEDERATION OF PAKISTAN through Secretary Ministry of Law, Justice and Parliamentary Affairs, Islamabad Ss — 2022 CLD 338 LAHORE-HIGH-COURT-LAHORE

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