Hafiz MUHAMMAD AMIR HUSSAIN vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 2025 CLD 1323 ISLAMABAD

Case information

Citation: 2025 CLD 1323 ISLAMABAD
Court: Islamabad High Court
Year: 2025
Reporter: CLD
Parties: Hafiz MUHAMMAD AMIR HUSSAIN vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss
Provisions referred to: S. 3; S. 20; S. 158; S. 147; Pakistan Act (XLII of 1997); SECP Act; 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

Hafiz MUHAMMAD AMIR HUSSAIN VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 147 & 158---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Ss. 3 & 20---Elections of board of directors of public listed company, holding of---Roles and functions of SECP---Scope---Securities and Exchange Commission of Pakistan is established under S. 3 of the SECP Act, 1997 and the powers and functions of the SECP are mentioned under S. 20 of the Act 1997 including the powers of the Commission to be responsible for the performance of the Companies Act 2017---The Preamble of the Companies Act, 2017 states that the mission of SECP is to promote an efficient and transparent capital market, develop the corporate sector and protect the investor through responsive policy measures, effective regulation and enforcement of best governance practices---The Preamble clearly demonstrates to reform company law with the objective of facilitating corporatization and promoting development of corporate sector, regulating corporate entities for protecting interests of shareholders, creditors, other stakeholders and general public, inculcating principles of good governance and safeguarding minority interests in corporate entities---Where statutory period of ninety days under S. 158(2) of Companies Act, 2017 for holding elections has lapsed, as per the mandate of S. 147 of Companies Act, 2017 the SECP is mandated to exercise its powers.

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