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

Section: 33

Securities and Exchange Commission of Pakistan Act (XLII of 1997)---Ss. 34 & 33--- Constitution of Pakistan, Art. 199---Constitutional petition--- Maintainability--- Alternate adequate remedy--- Petitioner impugned order of Securities and Exchange Commission imposing fine upon him against which his appeal was dismissed by the Appellate Bench of the Commission---Validity---Petitioner had availed right of appeal under S.33 of the Securities and Exchange Commission of Pakistan Act, 1997 which was dismissed and further appeal to the High Court as provided by S.34 of the Securities and Exchange Commission of Pakistan Act 1998 was available to him, which he did not avail---Constitutional Petition, was therefore, not maintainable and was dismissed, in circumstances. Khalid Mahmood v. Collector of Customs, Lahore 1999 SCMR 1881 and Collector of Customs and others v. Universal Gateway Trading Corporation and another 2005 SCMR 37 rel. JUDGMENT NOOR-UL-HAQ N. QURESHI, J.---The claim urged in the petition by impugning the judgment dated 18-3-2010 passed by the respondents thereby request for waiving off the penalty amount upon the petitioner. 2. After elaborate arguments by both the sides, learned counsel for the respondents has agitated the maintainability of the instant writ petition in view of sections 33 and 34 of the Securities and Exchange Commission of Pakistan Act, 1997. He emphasized that actually, the appeal is to be preferred to the Appellate Bench of the Commission, which the petitioner did, where-after, another appeal lies to the High Court as required by section 34 of the said Act. 3. I have gone through the relevant provisions of law referred above. However, for convenience, same are being reproduced herein below:-- "33. Appeal to the Appellate Bench of the Commission (1) An appeal shall lie to an Appellate Bench of the Commission in respect of an order of the Commission made by one Commissioner. The person aggrieved by such order may within thirty days of the passing of the order prefer on appeal to the Appellate Bench of the Commission. (2) The Commission shall constitute an Appellate Bench of the Commission comprising not less than two Commissioners…

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