Law: Companies Ordinance, 1984

Section: 252

(a) Companies Ordinance (XLVII of 1984)--Ss. 252, 254, 259 & 260---Constitution of Pakistan, Art.199---Constitutional petition---Maintainability---Non-compliance of law and rules by bank---Validity---Appointment of Chartered Accountants as external auditors---If at all the Board of Directors had acted illegally or in violation of the rules, the remedy of the petitioner lay in approaching the regulator i.e. Securities and Exchange Commission of Pakistan by bringing to its attention that the Board of Directors and the Annual General Meeting were not informed of the material which was allegedly available against the Chartered Accountants which had disentitled them from being appointed as external auditors---Constitutional petition was dismissed. (b) Chartered Accountants Ordinance (X of 1961)--- ----S. 15--- Constitution of Pakistan, Art.199---Constitutional petition---Appointment of Chartered Accountants as external auditors---Institute of Chartered Accountants of Pakistan and its Quality Assurance Board regulate auditing and accounting in Pakistan---Quality Assurance Board is an independent body set up by the Institute of Chartered Accountants of Pakistan as per its framework---Quality Control Board is tasked to ensure adherence to various standards of firms of auditors and to review and confirm the Quality Control Rating of firms of auditors---If there is any ambiguity in Quality Control Rating of the firm, petitioner is at liberty to approach Institute of Chartered Accountants of Pakistan as well as its Quality Assurance Board---High Court declined to interfere in the matter in its constitutional jurisdiction. (c) Companies Ordinance (XLVII of 1984)--- ----Ss. 252, 254, 259 & 260---Constitution of Pakistan, Art.199--- Constitutional petition--- Maintainability---Chartered Accountants as external auditors---Available forums to challenge the appointment of Chartered Accountants---Remedy of the petitioner lies in approaching the regulator i.e. Securities and Exchange Commission of Pakistan---State Bank of Pakistan is the regulatory authority for all Banks---Number of specialized regulatory authorities are present before whom, the petitioner could have…

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