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

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MAQSOOD AHMED VS COMMISSIONER-CRD, SECP Ss.464(4)(b), 464(5), 480(b) & 481---Companies Ordinance (XLVII of 1984) [since repealed], S.468---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Registration of document, refusal of---Order passed by Securities and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')---Appeal before the Appellate Bench of the Commission---Maintainability ---Finality of an order passed by the Commission---Effect---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of the Registrar of Companies passed under S.468(4)(a) of the erstwhile Companies Ordinance, 1984, ('the repealed Ordinance, 1984') and order-in-original passed in year 2015 by the Joint Registrar under the repealed Ordinance, 1984---Contention of the Appellant was that Ss. 454(4)(b) & 480(b) of the Companies Act, 2017 ('the Act, 2017') were pari materia---Validity---The analogy drawn by the Appellant between the said two provisions suffered from misinterpretation in view of S.481 of the Act, 2017, whereunder only the orders passed under S.480 of the Act, 2017 were amenable to the appellate jurisdiction of the Bench, in terms of S.33 of the Securities and Exchange Commission of Pakistan Act, 1997---Bare reading of S.481 of the Act, 2017 revealed that it provides a further right of appeal before the Bench against the order passed under S.480 of the Act, 2017---Whereas, the two rights of appeal provided under S.464(4) of the Act, 2017 are to be read in conjunction with subsection (5) of S.464 of the Act, 2017---Had the Legislature intended to provide this right, the same would have been clearly expressed in S.481 of the Companies Act, 2017 where statutory right of an appeal is available before the Bench exclusively against orders passed under S.480 of the Companies Act, 2017---Present appeal had 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

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