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

Section: 20

Securities and Exchange Commission of Pakistan Act (XLII of 1997)--S. 20(4)(j)---Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance (CIII of 2002), Ss. 29-B & 6---Constitution of Pakistan, Art. 199---Matter concerning substantial acquisition of shares---Constitutional jurisdiction of High Court to remand such matter to the Securities and Exchange Commission of Pakistan for its decision in accordance with law without deciding it itself---Scope---Consortium of different companies held 61.87% shares of a Bank---One of the companies from the consortium intended to acquire shares of another company belonging to the same consortium---Petitioner, who held 0.001% shares in the Bank wrote a letter to the Securities and Exchange Commission of Pakistan ("the Commission") seeking clarification as to whether the intended acquisition of shares in question attracted provisions of S. 6 of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002--- Commission replied vide its letter stating that said provision was not attracted to the acquisition of shares in question---Petitioner, aggrieved of Commission's reply, challenged the same before the High Court by way of a constitutional petition---Single Judge of the High Court set aside the reply-letter of the Commission, and directed that shares in question shall not be transacted or transferred pending fresh decision, and remanded the matter back to the Commission for decision by the competent authority on the objections raised by the petitioner---Intra-Court appeal filed by petitioner against order of Single Judge of the High Court was disposed of by the Division Bench upholding the order of remand to the Commission and it was held that the Commission was the primary regulatory body for the matter in question in view of Securities and Exchange Commission of Pakistan Act, 1997 and Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002---Plea of petitioner was that present matter had to be decided by the High Court itself and it could not be remanded to the Commission---Plea on behalf of consortium of companies was that High…

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