YUSRA MEDICAL AND DENTAL COLLEGE (PRIVATE) LIMITED vs OFFICER AUTHORIZED, SECP S

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YUSRA MEDICAL AND DENTAL COLLEGE (PRIVATE) LIMITED VS OFFICER AUTHORIZED, SECP S. 33---appeal before the Securities and Exchange Commission of Pakistan---Maintainability---Bar contained in S. 33 of the Securities and Exchange Commission of Pakistan act, 1997---Scope---appellant / Company was aggrieved of the order whereby the matter was sent to the Securities and Exchange Commission of Pakistan ('the Commission') as a representation---appellant filed an appeal under S. 33 of the Securities and Exchange Commission of Pakistan act, 1997 ('the act 1997') before the appellate Bench, with, inter alia, prayer of setting aside of the Investigation Report---However, the appellant Bench Registry declined to register the appeal in view of the bar contained in S. 33 of the act 1997 ; in response thereof, the appellant had requested to place the matter before the Bench to decide the question of maintainability---Contention of the appellant was that the present appeal was maintainable as the impugned order went beyond the scope of the Representation Order---Validity---Record revealed that various corporate issues leading to the dispute regarding shareholding/directorship of the appellant/ company existed amongst the two rival groups in the appellant/ company and there was a multiplicity of litigation pending before the various fora---It also appeared from the record that a constitutional petition was filed by the appellant before the High Court wherein it challenged the investigation report and the said constitutional petition was dismissed by the High Court---It was evident from perusal of said self-explanatory order of the High Court that the legality of the investigation report had already been determined---Perusal of the prayer of the appellant in the present appeal clearly showed that the present appeal was merely an attempt to directly/indirectly call in question the investigation report, the fate of which had already been determined by the High Court ; thus, the same could not be questioned again before the Bench---Bench was not convinced with the submissions rendered by the appellant as the same had failed to make out a case for admissibility of the present appeal---appeal filed by the company, being non-maintainable, was dismissed.

YUSRA MEDICAL AND DENTAL COLLEGE (PRIVATE) LIMITED vs OFFICER AUTHORIZED, SECP S — 2024 CLD 1447 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

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