KASB SECURITIES LIMITED vs DIRECTOR/HEAD OF DEPARTMENT, MSRD-SECP Ss

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KASB SECURITIES LIMITED VS DIRECTOR/HEAD OF DEPARTMENT, MSRD-SECP Ss. 6(1) & 22---Stock Exchange Members (Inspection of Books and Record) Rules, 2001, Rr. 3 & 4---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Appeal before the Securities and Exchange Commission of Pakistan---Provisions of relevant laws, non-compliance of---Post acquisition and merger of the company---Scope and effect---Aggrieved of the penalty imposing order along with certain directions in wake of inspection report/proceedings, the company (KASB Securities Limited) filed an appeal; post filing of appeal appellant underwent acquisition and merge into its successor entity (AKD Securities Limited)---Submission of the appellant was that the impugned order was damaging for the reputation of its (appellant's) successor entity, inter alia, for the reason that the present appeal had been fixed after about eleven years of filing---Validity---Appellant had conceded before the Bench that under the law its successor entity was responsible for the liabilities of the appellant---Submission of the appellant (that the impugned order was damaging for the reputation of its successor entity) was not convincing as the record clearly suggested that the present appeal was filed by the appellant (KASB Securities Limited) more than a decade ago (in 2014) against the impugned order, which post, acquisition and merger, was now represented by successor entity (AKD Securities Limited)---Fact that the impugned order and the present appeal were on record at the time acquisition and merger took place made it amply clear that the successor entity was in knowledge of the penalty/ directions imposed/issued vide the impugned order and pending appeal there against---Moreover, the contention of the appellant that the present appeal was fixed after eleven years of filing was also not correct as record showed that previously, the present appeal was fixed for hearing on four dates---Bench did not find any reason to interfere with the impugned order---Appeal was dismissed, in circumstances.

KASB SECURITIES LIMITED vs DIRECTOR/HEAD OF DEPARTMENT, MSRD-SECP Ss — 2024 CLD 1167 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

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