MCKINSEY AND COMPANIES PAKISTAN (PRIVATE) LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss

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MCKINSEY AND COMPANIES PAKISTAN (PRIVATE) LIMITED VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 2(49), 225(2) & 228(1)---Exemption from disclosures---Principle---Remuneration of directors---Exemption was sought on the count that disclosure of remuneration of CEO/director was a cause of concern---Validity---Such financial statement would reveal such facts for public and would then be available for public inspection---It was not a cause where exemption could be granted in public interest---Appellant was a company whose shares were held by holding company and was incorporated abroad---Appellant was not a company strictly in terms of S. 2(49) of Companies Act, 2017, which even itself had restricted right to transfer its shares which rested with holding company---Company which was a subsidiary, whose shares were held by a holding company and consolidated financial statements of the group was attached with financial statement of that holding company, then such consolidated financial statement of the group would serve as a single enterprise and such consolidated financial statement would comply with disclosure requirement of relevant law and financial reporting standards notified by the Commission---Holding company had not discharged such obligations, if at all it was under such duty---Holding company did not disclose such data in consolidated financial statements of the group and presented as those of single enterprise and that such would be within domain of Securities and Exchange Commission of Pakistan, so the purpose of non-disclosure of the remuneration of CEO or director of relevant company whose shares were held, would be inconsequential---If the requirement of S. 228(1) of Companies Act, 2017, was achieved by any means, application then for such exemption would stand matured for consideration---Appeal was rejected, in circumstances.

MCKINSEY AND COMPANIES PAKISTAN (PRIVATE) LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 2023 CLD 530 KARACHI-HIGH-COURT-SINDH

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