Law: Companies Ordinance, 1984

Section: 7

(a) Companies Ordinance (XLVII of 1984)--Ss. 7, 227, 229, & 476---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 20---Employee's provident fund and securities---Petitioner (Employee's Union) under S.227 of the Companies Ordinance, 1984 sought direction for payment of loss and for furnishing all receipts of money deposited in the provident fund by the respondent company---Contention of the petitioner was that under S.7 of the Companies Ordinance, 1984 High Court could exercise jurisdiction in all civil matters under Companies Ordinance, 1984---Validity---Section 7 of the Companies Ordinance, 1984, no doubt, vested original civil jurisdiction with the High Court, however, context or meaning of original civil jurisdiction was that jurisdiction conferred by statute, and which was in contradiction to criminal jurisdiction---Companies Ordinance, 1984 specifically mentioned "the court" (High Court) where it empowered "the court" (High Court) to exercise jurisdiction---Expression "having jurisdiction" meant that the High Court was the authorized legal authority to hear and determine issues under the Companies Ordinance, 1984, but S.7 of the Companies Ordinance, 1984 did not necessitate the High Court to adjudicate upon all disputes which arose under the Companies Ordinance, 1984---Wherever it was required under the Companies Ordinance, 1984, specific sections provided that the High Court shall adjudicate upon a matter---Argument that High Court while exercising jurisdiction under S.7 of the Companies Ordinance, 1984 must adjudicate upon the present case was flawed as this interpretation went against spirit of the Companies Ordinance, 1984 and against the rationale for S.7 of the Companies Ordinance, 1984---Petitioner should have filed its grievance before the Securities and Exchange Commission of Pakistan which was the competent authority to adjudicate upon irregularities and management of a provident fund under S.227 of the Companies Ordinance, 1984---High Court under S.7 of the Companies Ordinance, 1984 could not direct the Securities and Exchange Commission of Pakistan to carry out an investigation under S. 227 of the Ordinance---Petition…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492