ZULTEC (PRIVATE) LIMITED vs DIRECTOR/HOD, ONSITE DEPARTMENT, SECP S — 2025 CLD 1918 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2025 CLD 1918 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2025
Reporter: CLD
Parties: ZULTEC (PRIVATE) LIMITED vs DIRECTOR/HOD, ONSITE DEPARTMENT, SECP S
Provisions referred to: S. 33; S. 257---I; S. 257; Companies Act (XIX of 2017); Pakistan 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

ZULTEC (PRIVATE) LIMITED VS DIRECTOR/HOD, ONSITE DEPARTMENT, SECP S. 33(1), proviso---Companies Act (XIX of 2017), S.257---Investigation into affairs of company---Appeal before the Securities and Exchange Commission of Pakistan---Maintainability---Bar contained in S. 33 of the Securities and Exchange Commission of Pakistan Act, 1997---Scope---Appellant / Company filed appeal against the investigation order passed under S. 257 of the Companies Act, 2017, however, the Appellate Bench Registry declined to register the appeal for being non-maintainable---Contention of the appellant was that the impugned order did not fall in any of the exceptions of proviso to subsection (1) of S. 33 of the Securities and Exchange Commission of Pakistan Act, 1997---Validity---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 ('the Act, 1997')---Securities and Exchange Commission of Pakistan, being a regulator, is competent to initiate investigation into the affairs of a company and thus 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 Securities and Exchange Commission of Pakistan Act, 1997---An investigation order does not dispose of the entire matter before the Commission and is an exploratory measure and not an end by itself---Thus, the present appeal was non-maintainable---Appeal filed by the company was dismissed.

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