The CRESCENT TEXTILE MILLS LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) through Chairman S

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The CRESCENT TEXTILE MILLS LIMITED VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) through Chairman Ss. 256, 257 & 480---Law Reforms Ordinance (XII of 1972), S.3(2), 'proviso'---Constitution of Pakistan, Art. 199---Constitutional petition challenging show-cause notice issued by Securities and Exchange Commission of Pakistan (SECP)---Show-cause notice set aside by Single Judge in Chambers---Intra-court appeal filed during pendency of a company petition---Respondents objected to maintainability on ground of alternate statutory remedy---Pivotal issue requiring determination in the present matter was whether an intra-court appeal was maintainable against the judgment passed by the Single Judge in Chambers setting aside the show-cause notice, or whether the matter was barred from such appeal due to the availability of a specific appellate remedy under S. 480 of the Companies Act, 2017---Held: Section 480 of the Act, 2017 expressly conferred a right of appeal upon any person aggrieved by an order of the Securities and Exchange Commission of Pakistan (SECP) made under the Act, 2017---Existence of this statutory remedy manifested the legislative intent that all grievances arising out of proceedings initiated under Ss. 256 & 257 of the Act, 2017 and the consequential actions taken thereunder were to be addressed within the four corners of the Act, 2017---In the present case, the proceedings within the meaning of the proviso to subsection (2) of S. 3 of the Ordinance, 1972 commenced with the filing of an application and issuance of show-cause notice under S. 256 of the Act, 2017---Such proceedings were, in law, to culminate in an order to be passed by the SECP in exercise of its statutory jurisdiction under the Act, 2017, determining rights and liabilities of the parties---Against such order an express remedy of appeal was provided under S. 480 of the Act, 2017; therefore, the proceedings in question were those in which the law applicable provided for at least one appeal against the original or culminating order---The bar contained in the proviso to subsection (2) of S. 3 of the Ordinance, 1972 was attracted in the present case---Intra-court appeal was dismissed, in circumstances.

The CRESCENT TEXTILE MILLS LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) through Chairman Ss — 2026 CLD 749 ISLAMABAD

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