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DURAID QURESHI vs ADDITIONAL DIRECTOR/HOW, ADJUDICATION DEPARTMENT-I S — 2024 CLD 652 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 652 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
DURAID QURESHI vs ADDITIONAL DIRECTOR/HOW, ADJUDICATION DEPARTMENT-I S
Provisions referred to
S. 237---S; S. 33---Q; 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

DURAID QURESHI VS ADDITIONAL DIRECTOR/HOW, ADJUDICATION DEPARTMENT-I S. 237---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Quarterly financial statements, non-transmitting of---Securities and Exchange Commission ('Commission') imposed penalty upon appellant/company for not timely transmitting quarterly financial statements---Validity---It was case of the appellant that quarterly financial statements for the default periods could not be timely transmitted as board meetings of the company for approval of said financial statements could not be held due to uncertainty with respect to legal status of the Board of Directors coupled with litigation pending before the High Court and injunctive order passed by the High Court---Said contention of the appellant appeared to be reasonable in the context that quarterly accounts for the default periods were transmitted within reasonable time after vacation of the restraining order by High Court allowing the company to hold Annual General Meeting---Record revealed that respondent/Commission issued warning to the other companies in the show-cause notice proceedings, but imposed penalty upon the appellant alone---Said admitted fact could be regarded as a mitigating factor---Appellate Bench, while taking a lenient view in the present case, converted the impugned order into warning---Appeal filed by the company was disposed of accordingly.

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