PAKISTAN POVERTY ALLEVIATION FUND vs COMMISSIONER-COMPANY LAW, SECP S

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

PAKISTAN POVERTY ALLEVIATION FUND VS COMMISSIONER-COMPANY LAW, SECP S. 33---associations with Charitable and Not for Profit Objects Regulations, 2018, Regln. 7, clause (xvi)---appeal before the Securities and Exchange Commission of Pakistan ('the Commission')---Maintainability---Prior approval of the Commission for appointment of the Chief Executive of the Company---Refusal letter issued by the Securities and Exchange Commission of Pakistan, assailing of---appellant/Company was aggrieved of the refusal letter ('the impugned letter') sent by the Director, Company Law Division, in response to an application whereby the appellant sought prior approval of the Securities and Exchange Commission of Pakistan ('the Commission') for appointment of the Chief Executive of the appellant / Company---Record revealed that appellant / Company had filed two constitutional petitions before the High Court but to no avail; it was argument of appellant/Company that question of maintainability had already been determined and that no hearing opportunity had been provided to the appellant by the Director, Company Law Division before issuing the impugned letter while the said officer of the Commission went beyond the scope of the appellant's application, which (otherwise) was merely an application to seek prior approval for appointment of the Chief Executive of the appellant / Company in terms of cl. (xvi) of Regln. 7 of the associations with Charitable and Not-for-Profit Objects Regulations, 2018, and the Director issued determination under the Public Sector Companies (Corporate Governance) Rules, 2013 which tantamount to treating the appellant a public sector company---Held, that appellant in both constitutional petitions had also arrayed the concerned ministries of the Government of Pakistan; which showed that the matter at hand involved stakes of the relevant ministry/division as well, which had also been confirmed by the appellant---Thus, matter at hand could not be treated as an order of the Commission---appellate Bench referred the same to the Divisional Head/Executive Director, Licensing and Registration Division (formerly Company Law Division) of the Commission, for decision through a speaking order, in accordance with law, after granting opportunity of hearing to all the parties concerned---appeal filed by the company was disposed of accordingly.

PAKISTAN POVERTY ALLEVIATION FUND vs COMMISSIONER-COMPANY LAW, SECP S — 2024 CLD 1118 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Judgment text as reported

Other judgments reported in 2024 CLD