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

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MAQSOOD AHMED VS COMMISSIONER-CRD, SECP S. 33---Companies Act (XIX of 2017), Ss.464(4)(b), 464(5) & 480(b)---Companies Ordinance (XLVII of 1984) [since repealed], S.468---Registration of document, refusal of---Order passed by Securities and Exchange Commission of Pakistan ('the Commission')---Appeal before the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 to 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of the Registrar of Companies passed under S.468(4)(a) of the erstwhile Companies Ordinance, 1984, ('the repealed Ordinance, 1984') and order-in-original passed in year 2015 by the Joint Registrar under the repealed Ordinance, 1984---Contention of the appellant was that Ss. 454(4)(b) & 480(b) of the Companies Act, 2017 ('the Act, 2017') pari materia---Validity---Bare perusal of S.33 of the Securities and Exchange Commission of Pakistan Act, 1997 ('the Act, 1997') transpires that the use of words "Except as otherwise provided" appearing in the beginning of the said provision are of utmost importance as the same signify the intent of the Legislature with respect to appellate jurisdiction of the Bench; the said words when read in conjunction with subsection (5) of S.464 of the Companies Act, 2017, make it unequivocal that the right of appeal under S.33 of the Act is available to an aggrieved person only where it has not been expressly taken away by the Legislature which is essentially the subject matter in the present Appeal as the same 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 S — 2024 CLD 1412 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

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