RELIEF INTERNATIONAL vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 2022 CLD 432 ISLAMABAD

Case information

Citation: 2022 CLD 432 ISLAMABAD
Court: Islamabad High Court
Year: 2022
Reporter: CLD
Parties: RELIEF INTERNATIONAL vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss
Subject matter: Criminal
Provisions referred to: S. 42; S. 43; S. 304

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

RELIEF INTERNATIONAL VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 42, 43 & 305---associations with Charitable and Not for Profit Objects Regulations, 2018, Cl. 11---Winding up of company---Licence, revocation of---Non-compliance of procedure---Petitioner company was registered and licensed as non-profit entity and sought its winding up---Validity---Petitioner company did not follow procedure under Ss. 42 & 43 of Companies act, 2017 and associations with Charitable and Not for Profit Objects Regulations, 2018, which petitioner was required to do so---Licence of petitioner company got expired and was never renewed---Securities and Exchange Commission of Pakistan, in year, 2018, confirmed revocation/expiry of the licence---Petitioner company was required to transfer its assets to another company incorporated under S. 42 of Companies act, 2017 and furnish report to Registrar and pass resolution for voluntary winding up of the company---If there were assets and liabilities otherwise making an application to Registrar for striking name of petitioner company from the register---Petitioner company was also required to comply with procedure provided in Cl. 11 of associations with Charitable and Not for Profit Objects Regulations, 2018---Petitioner failed to follow mandatory provision of law and under S. 43(4) of Companies act, 2017, Security and Exchange Commission of Pakistan was empowered to take appropriate action, including appointment of administrator for completion of dissolution process---Securities and Exchange Commission of Pakistan could also initiate a petition for winding up under S. 304(c) of Companies act, 2017, and the same was not required to investigate in affairs of petitioner company---Petition was dismissed accordingly.

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