Law:

Section:

(a) Specific Relief Act (I of 1877)-------S. 42---Non-Banking Finance Companies and Notified Entities Regulations, 2008, Regls. 54(4), 57 & 66---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Ss. 10 & 33---Companies Ordinance (XLVII of 1984), S. 282-J---Civil Procedure Code (V of 1908), S.9 & O.VII, Rr. 10 & 11---Suit for declaration, recovery of money and damages---Non-payment of redemption money of Units of Reliance Income Fund purchased by plaintiff from defendant-company---Defendant's application under O.VII, Rr. 10 & 11, C.P.C. for rejection or return of plaint for want of jurisdiction as such dispute pertaining to "Mutual Funds" and its redemption could be decided only by Securities and Exchange Commission; and that plaintiff had failed to avail remedy of appeal under S.33 of Securities and Exchange Commission of Pakistan Act, 1997---Validity---Executive Director of the Commission through his letter in response to plaintiff's complaint had advised him to approach appropriate forum for resolution of such dispute---Director had neither granted any relief to plaintiff nor issued him show-cause notice nor passed any order---Such letter had not decided any rights of parties, thus, same could not be treated as an order, rather same would be treated as an advisory or administrative direction, not appealable under S.33 of Securities and Exchange Commission Act, 1997---Civil Court had jurisdiction to try all suits, except those barred expressly or impliedly---No specific bar existed in Securities and Exchange Commission Act, 1997 on filing of present suit, thus same was maintainable--- Application under O.VII, Rr.10 & 11, C.P.C. was dismissed in circumstances. Securities and Exchange Commission of Pakistan v. Mian Nisar Elahi 2009 SCMR 1392; National Accountability Bureau v. Zahida Sattar PLD 2001 Kar. 256; Adnan Afzal v. Capt. Sher Afzal PLD 1969 SC 187; Fouzia Begum v. Government of Pakistan through Secretary, Ministry of Finance, Islamabad 2009 CLD 1537; Mst. Zahida Sattar v. Federation of Pakistan PLD 2002 SC 408; M. Waqar Monnoo, Member Central Managing Committee v. All Pakistan Textile Mills Association through…

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