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MAZHAR-UL-HAQ SIDDIQUI vs HOD, ADJUDICATION DEPARTMENT-I, SECP Ss — 2024 CLD 1225 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 1225 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
MAZHAR-UL-HAQ SIDDIQUI vs HOD, ADJUDICATION DEPARTMENT-I, SECP Ss

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

MAZHAR-UL-HAQ SIDDIQUI VS HOD, ADJUDICATION DEPARTMENT-I, SECP Ss.134, 143, 144, 145 & 479---Companies (Postal Ballot) Regulations 2018, Regln. 8---Holding of Extraordinary General Meeting (EOGM), non-adjournment of---Contraventions, allegation of---Securities and Exchange Commission of Pakistan (SECP) penalized the Chairman of Board of Directors of Network Limited/Company, being Chairman of the EOGM (Appellant) on complaints of three members of the Company (the complainants)---Allegation levelled against the appellant was that it had not adjourned the meeting in terms of Regln. 8 of the Companies (Postal Ballot) Regulations, 2018 ('the Postal Regulations')---Contention of the appellant was that it was a matter of record that the Company showed its willingness to hold another meeting but the Commission, despite asking, did not issue any guidance to hold a fresh poll---Validity---As the Company had sought guidance and offered the Commission to hold another meeting in matter-in-question but the Commission did not issue any such instructions, thus, the imposition of penalty was not justified---Appellate Bench cancelled penalty imposed on the appellant vide the Impugned Order---Appeal was allowed, in circumstances.

Other judgments reported in 2024 CLD

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