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

Case information

Citation
2024 CLD 1412 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
MAQSOOD AHMED vs COMMISSIONER-CRD, SECP Ss
Provisions referred to
S. 468---S; S. 33---O; S. 464; Companies Ordinance (XLVII of 1984); Pakistan Act (XLII of 1997); Companies Act

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

MAQSOOD AHMED VS COMMISSIONER-CRD, SECP Ss.10(7), 16(10)& 464(5)---Companies Ordinance (XLVII of 1984) [since repealed], S.468---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Order passed by Securities and Exchange Commission of Pakistan ('the Commission')---Finality---Scope and effect---Appeal before the Appellate Bench of the Commission---Maintainability---Jurisdiction of the Civil Court / other authorities---Scope---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---Contention of the appellant was that by virtue of S.464(5) of the Companies Act, 2017, only the jurisdiction of the Civil Courts and other authorities is excluded---Validity---Contention of the appellant is misconceived in the context of the overall regime of the company law as there are only three provisions in the Companies Act, 2017, i.e. Ss.10(7), 16(10) & 464(5), where orders passed by the Commission attain finality---Owing to the nature of the subject matter that all the said provisions deal with the legislative intent through use of words "shall be final and shall not be called in question before any Court or other authority" appears to be quite clear in the said provisions and, thus, the same leaves no room for any ambiguity that the connotation of the term 'final' in S.464(5) of the Companies Act, 2017, is amplified by the words "shall not be called in question before any court or other 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, is dismissed.

Other judgments reported in 2024 CLD

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