HAROON IQBAL vs COMMISSIONER, SECURITIES MARKET DIVISION, SECP Ss — 2025 CLD 1866 SECURITIES-AND-EXCHANGE-COMM

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

HAROON IQBAL VS COMMISSIONER, SECURITIES MARKET DIVISION, SECP Ss. 100 & 160---Failure to join Central Depository System---Listing of Companies and Securities Regulations of security Exchange, default in---Directions to company by the Securities and Exchange Commission of Pakistan ('the Commission'), issuance of---Commissioner-Securities Market Division of Commission penalized the appellant / Company for not complying with the directions under S. 100 of the Securities Act, 2015 ('the Act, 2015')---Validity---Record revealed that the direction and Show-Cause Notice were duly addressed to the Chief Executive and Directors of the Company, therefore, the respondent/Commission was competent to penalize them in their personal capacity---Five hearing opportunities were provided which the appellants failed to attend---However, admittedly, the Commission had already penalized the appellants for non-holding of the annual general meeting for the year ended June 30, 2014 through a separate order and, therefore, imposition of penalty on the same ground amounted to "double jeopardy"---As the Company was placed on the defaulter counter due to its failure to convene the annual general meeting for the years 2013-2014 the Commission also penalized the appellants for not holding the annual general meeting for the year ended June 30, 2014, therefore, no penalty might be imposed to the extent of default for the year 2014---However, the penalty imposed via the impugned order did not segregate the years of default and offence-wise amount of penalty, therefore, the Bench could segregate penalties at the appellate stage---Admittedly, currently the Company was fully compliant and was still on the defaulter counter of the Pakistan Stock Exchange (PSE)---Appellants assured the Appellate Bench that the Company was in the process of meeting the requirements of the Listing Regulations to ensure its trading was restored---Thus, the Appellate Bench converted the penalty into a warning---Appeal was disposed of accordingly.

HAROON IQBAL vs COMMISSIONER, SECURITIES MARKET DIVISION, SECP Ss — 2025 CLD 1866 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Judgment text as reported

Other judgments reported in 2025 CLD