SAAD SUMAIR vs NATIONAL ACCOUNTABILITY BUREAU (NAB) S — 2022 PLD 371 ISLAMABAD

Case information

Citation: 2022 PLD 371 ISLAMABAD
Court: Islamabad High Court
Year: 2022
Reporter: PLD
Parties: SAAD SUMAIR vs NATIONAL ACCOUNTABILITY BUREAU (NAB) S
Subject matter: Criminal
Provisions referred to: S. 9---S; S. 41-B---C; S. 2; Pakistan Act (XLII of 1997); Companies Act; Pakistan 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

SAAD SUMAIR VS NATIONAL ACCOUNTABILITY BUREAU (NAB) S. 9---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 41-B---Constitution of Pakistan, Art. 199---Corruption and corrupt practices---Inquiry, investigation and other proceedings in respect of regulated persons---Pre-arrest bail, grant of---Accused sought pre-arrest bail in proceedings pending before the National Accountability Bureau (NAB)---Allegation against accused, inter alia, was that he was an ostensible owner of a company---Held that matter was rooted in the sale-purchase transaction in the shares of a company---Sale-purchase of shares had taken place pursuant to provisions of the Companies Act, 2017---Companies Act, 2017, was an "administered legislation" as defined in S. 2(aa) of the Securities and Exchange Commission of Pakistan Act, 1997---Transactions involving sale and purchase of shares of companies were transactions undertaken pursuant to the Companies Act, 2017, administered by the Securities and Exchange Commission---Section 41-B(1) of the Securities and Exchange Commission of Pakistan Act, 1997, provided that no action, inquiry, investigation or proceedings in respect of any regulated activity, regulated securities activity, transaction, process or permission granted under the Securities and Exchange Commission of Pakistan Act, 1997, or administered legislation would be taken, initiated or conducted by any investigation agency without reference from the Commission---Nothing was placed on record to establish that investigation in the share purchase transactions of the company were initiated on a reference from the Commission---Constitutional petition was allowed and the accused was admitted to pre-arrest bail, in circumstances.

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