MAQSOOD AHMED vs COMMISSIONER-CRD, SECP Ss — 2024 CLD 1412 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

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

MAQSOOD AHMED VS COMMISSIONER-CRD, SECP Ss.464(4)(b), 464(5) & 480(b)---Companies Ordinance (XLVII of 1984 ) [since repealed], S.468---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Registration of document, refusal of---Order passed by Securities and Exchange Commission of Pakistan ('the Commission'), finality of---Appeal before the Appellate bench of the Commission---Maintainability ---Appeal before the Appellate Bench of the Commission was filed against an order having been passed by the Commission in year 2023, under S.464(4)(b) of the Companies Act, 2017, setting aside the order-in-appeal of the Registrar of Companies passed under S. 468(4)(a) of the erstwhile Companies Ordinance, 1984, ('the repealed Ordinance 1984') and order-in-original passed in year 2015 by the Joint Registrar under the repealed Ordinance 1984---Contention of the Appellant that Ss. 454(4)(b) & 480(b) of the Companies Act 2017 ('the Act 2017') were pari materia---Validity---It is imperative to note that S. 464 of the Act, 2017 [with the exception of its subsections (6) & (7)] is almost similar to S. 468 of the repealed Ordinance, 1984---Moreover, subsection (5) of S.468 of the repealed Ordinance, 1984 is identical to S.464(5) of the Act, 2017, as the former also renders finality to an order passed under subsection (4) of S. 468 thereof---Contention of the Appellant was misplaced for the reason that unlike S. 480(b) of the Act, 2017 (which is exclusively a remedial provision) S. 454(4)(b) of the Act, 2017 (like S. 468 of the repealed Ordinance, 1984) is an all-encompassing provision, inter alia, providing two statutory rights of appeal under S. 464(4) before rendering finality to an order of the Commission in terms of S.464(5) thereof---Pertinently, two rights of appeal have been provided under S.480 of the Companies Act, 2017, and the same (unlike S.464 of the Companies Act, 2017) does not contain any provision which can be construed as rendering finality to an order passed thereunder---Present appeal has been preferred against the final order of the Commission passed under S.464(4)(b) of the Companies Act, 2017 , which by virtue of explicit legislative dictum, shall not be called in question before any court or authority---Appellate Bench was of the view that subsection (5) of S.464 of the Companies Act, 2017, expressly barred calling in question final order of the Commission passed under subsection (4) of S.464 of the Companies Act, 2017---Appeal, being non-maintainable, was dismissed.

MAQSOOD AHMED vs COMMISSIONER-CRD, SECP Ss — 2024 CLD 1412 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Judgment text as reported

Other judgments reported in 2024 CLD