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HUM NETWORK LIMITED vs DIRECTOR/HOD, ADJUDICATION DEPARTMENT-I S — 2024 CLD 645 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 645 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
HUM NETWORK LIMITED vs DIRECTOR/HOD, ADJUDICATION DEPARTMENT-I S
Provisions referred to
S. 132---S; S. 33---A; Pakistan Act (XLII of 1997)

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

HUM NETWORK LIMITED VS DIRECTOR/HOD, ADJUDICATION DEPARTMENT-I S.132---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Annual General Meeting, holding of---Stipulated period---Scope---Securities and Exchange Commission ('Commission') issued show-cause notice and subsequently imposed penalty upon appellant/ company for not holding Annual General Meeting of relevant financial year within a period of one hundred and twenty days---Contention of the appellant that Annual General Meeting for the financial year ended June 30, 2020 could not be held within the stipulated period due to litigation pending before the High Court and injunctive order passed by the High Court---Validity---Record revealed that multiple suits and applications pertaining to election of directors and holding of Annual General Meeting for the financial year ending June 30, 2020 were pending before the Single Bench as well as Division Bench of the High Court , wherein injunctive order was also passed---It was the case of the appellant that Annual General Meeting for the financial year ending June 30, 2020 was convened on July 16, 2021 upon express permission of the High Court---Contention of the appellant was supported by the certified true copies of the order sheet of the High Court which could not be refuted by the respondent---Appellate Bench set-aside the show-cause notice and impugned order passed by the Commission---Appeal filed by the company was allowed, in circumstances.

Other judgments reported in 2024 CLD

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