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

Section: 33

Securities and Exchange Commission of Pakistan Act (XLII of 1997)--S. 33---Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance (CIII of 2002), Ss. 5, 6, 25 & 26-Increase in share-holding of the Directors of the company---Share-holding of Chief Executive of the company increased substantially in the paid up capital of the company in relevant periods---Chief Executive, in circumstances, crossed the threshold level of 25% holding of voting shares in the company set out in S.5 of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002, which required the disclosure to the company and to the stock exchange on which the voting shares of the company were listed---Increase in shareholding required compliance of S.6 of the Ordinance---Rationale as stated in the Preamble read with other provisions of the Ordinance was to provide for a fair and equal treatment to all the investors, as well as a transparent and efficient system for substantial acquisition of voting shares and takeovers of listed companies---Investors in the company whose share or control was being acquired, were provided with the opportunity to dispose of their shareholdings, where they were not confident of the merits, with the acquisition of voting rights of control by one or more individuals---Commercial advantages or disadvantages were not of concern to the Ordinance---Chief Executive of the company was required to comply with the requirements of S.5 of the Ordinance, but he failed to comply with the said requirement---Company acted in concert and acquired voting shares in the company, which had been established as the shareholding of the company increased from 26.26% to 48.19% and subsequently to 78.50% due to increase in holding of three Directors in doing so, the company had failed to comply with the requirements of S.6 of the Ordinance---Shareholder, held 86,760 ordinary shares (13.35%) in 1980 which stood reduced to 73,500 ordinary shares (5.66%) in 2007 and continued to remain the same up to 8-10-2009---Appellant was part of the company, but there was no evidence to suggest that she acted in concert with other Directors, as…

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