SUI SOUTHERN GAS COMPANY LIMITED vs EXECUTIVE DIRECTOR, ADJUDICATION-I, SECP, ISLAMABAD Ss

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SUI SOUTHERN GAS COMPANY LIMITED VS EXECUTIVE DIRECTOR, ADJUDICATION-I, SECP, ISLAMABAD Ss. 4, 132 & 505(1)(d)---Oil and Gas Regulatory Authority Ordinance (XVII of 2002), Ss. 6(2) & 8(2)---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Appeal before the Securities and Exchange Commission of Pakistan ('the Commission')---Failure of the company to convene Annual General Meeting (AGM)---Effect---Provisions of the Companies Act, 2017---Special law, applicability of---Commission penalized M/s Sui Southern Gas Company Limited ('the Gas Company') as it failed to convene the Annual General Meeting (AGM) for the respective financial year as required under subsection (1) of S.132 of the Companies Act, 2017, ('the Act 2017')---Argument of the Appellant (Gas Company) was that special law (OGRA Ordinance) would prevail over the general law---Validity---Argument of the appellant was not untenable given the absence of a corresponding provision in the OGRA Ordinance vis-a-vis S. 132 of the Companies Act, 2017---Furthermore, the Respondent/Commission had highlighted S. 505(1)(d) of the Companies Act, 2017, which stated that "the provisions of this Act (Companies Act 2017) shall apply to any other company governed by any special enactment for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special enactments", which implied that S. 132 of the Companies Act, 2017, was applicable, as there was no conflict between said section and any section of the OGRA Ordinance---Moreover, S.4 of the Companies Act, 2017, explicitly states that the Companies Act, 2017, has an overriding effect---Additionally, it adheres to the well-established legal principle that in the event of inconsistency between two special laws, the one enacted later takes precedence, as was the case with the Companies Act, 2017, in the present matter---Appellate Bench did not find any reason to interfere with the impugned penalty imposing order passed by the Commission---Appeal filed by Gas Company was dismissed, in circumstances.

SUI SOUTHERN GAS COMPANY LIMITED vs EXECUTIVE DIRECTOR, ADJUDICATION-I, SECP, ISLAMABAD Ss — 2024 CLD 1050 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

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