Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 33

(a) Securities and Exchange Commission of Pakistan Act (XLII of 1997)---Ss. 33 & 34---Constitution of Pakistan, Art. 199---Constitutional petition--- Alternate and afficacious remedy--- Penalty was imposed by authorities and petitioner instead of filing appeal invoked constitutional jurisdiction of High Court---Validity---Petitioner was not able to show that remedy available by way of appeal under S.34 of Securities and Exchange Commission of Pakistan Act, 1997 was not adequate---Petitioner availed remedy available under S.33 of Securities and Exchange Commission of Pakistan Act, 1997, by filing appeal before Commissioner---When appeal was dismissed, instead of approaching forum provided under Securities and Exchange Commission of Pakistan Act, 1997, petitioner directly approached High Court under constitutional jurisdiction without availing remedy provided under S.34 of Securities and Exchange Commission of Pakistan Act, 1997---Provision of Art.199 of the Constitution had imposed embargo on filing of constitutional petition in case adequate and alternate remedy was available to petitioner---Petition was dismissed in circumstances. Al Ahram Builders (Pvt.) Limited v. Income Tax Appellate Tribunal 1993 SCMR 29 and Shabbir Ahmed Shaikh v. Government of Balochistan and others 1988 CLC 2267 ref. (b) Constitution of Pakistan--- ----Art. 199--- Constitutional jurisdiction--- Scope--- Such jurisdiction cannot be used to circumvent limitation and/or as a substitute of alternate and efficacious remedy available under law. Khalid Mehmood v. Collector of Customs, Customs House, Lahore 1999 SCMR 1881 rel. ORDER SADIQ HUSSAIN BHATTI, J.---The petitioner, AVM (R) S.J. Raza, being aggrieved by and dissatisfied with the Order dated 31-8-2009, passed by Appellate Bench No.II of the Securities and Exchange Commission of Pakistan, whereby Appeals Nos.22 of 2007 to 25 of 2008, filed inter alia by the petitioner, were dismissed and the penalty imposed by respondent No.1 vide its order dated 30-5-2008 was upheld, has filed this petition assailing the said orders. 2. The brief facts of the case are the petitioner is a director of Dawood Investment Bank Limited, a company…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492