HASEEB WAQAS SUGAR MILLS LIMITED vs HEAD OF DEPARTMENT/ED-CSD, CLD, SECP S — 2025 CLD 1453 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2025 CLD 1453 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2025
Reporter: CLD
Parties: HASEEB WAQAS SUGAR MILLS LIMITED vs HEAD OF DEPARTMENT/ED-CSD, CLD, SECP S
Provisions referred to: S. 33; S. 257---I; S. 257; Companies Act (XIX of 2017); Companies Act; Pakistan Act; SECP 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

HASEEB WAQAS SUGAR MILLS LIMITED VS HEAD OF DEPARTMENT/ED-CSD, CLD, SECP S. 33(1), proviso---Companies Act (XIX of 2017), S.257---Investigating order passed under S.257 of the Companies Act, 2017, challenging of---Appeal before the Securities and Exchange Commission of Pakistan(SECP)---Maintainability---An investigation order under S.257 of the Companies Act, 2017, was passed by the HOD, Corporate Supervision Department-SECP against the Company---Appellant/Company, in order to assail investigating order, approached the Appellate Bench, however, was confronted with question of maintainability vide a letter sent by the Registrar-SECP---An investigation is a fact-finding exercise conducted with the aim of ascertaining the accurate state of affairs pertaining to companies, hence, the same is not appealable in view of an express bar contained in S.33 of the Securities and Exchange Commission of Pakistan Act, 1997---Furthermore, an order passed under S.257 of the Companies Act, 2017, is an administrative order as the same does not result in determination of rights and liabilities and is also not penal in nature per se, therefore, the same is not appealable and falls within the proviso to subsection (1) of the S.33 of the SECP Act---Appeal filed by the Company, being non-maintainable, was dismissed.

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