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. 257---S; S. 33; S. 257; Pakistan Act (XLII of 1997); 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

HASEEB WAQAS SUGAR MILLS LIMITED VS HEAD OF DEPARTMENT/ED-CSD, CLD, SECP S.257---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33(1), proviso---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---Contention of the Appellant /Company was that the two judicial precedents [i.e. 'Depilex Smile again Foundation v. SBCP and others' (2019 CLD 861) and Attock Refinery Limited v. Executive Director, Enforcement and Monitoring Division, SECP (2010 CLD 774 SC) relied upon in the letter of the Registrar-SECP were distinguishable---Validity---Both the said judicial precedents highlighted a pivotal point that inter alia an investigation order was an exploratory measure and not an end by itself---Thus, applicability of both the case laws(judicial precedents) in the matter could be disregarded---Appeal filed by the Company, being non-maintainable, was dismissed.

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