Law:

Section:

Companies Ordinance (XLVII of 1984)------- --------Ss. 261, 263 & 265-------Power of Registrar of Companies to call for information or explanation-------Investigation of affairs and other issues of the company-------Registrar, sought information from the management of the brokerage company under S. 261 of the Companies Ordinance, 1984, but management did not provide requisite information to the Registrar-------Registrar reported the matter to the Securities and Exchange Commission, and recommended appointment of Inspector to investigate the affairs of the company under S. 263(c) of the Companies Ordinance, 1984------- Commission dissatisfied with the response of the company to show-cause notice issued to it under Ss.263 & 265 of the Companies Ordinance, 1984, appointed Inspector to investigate the affairs of the company under Ss. 263 & 265 of the Companies Ordinance, 1984-------Appeal was initiated in 2007, and after lapse of almost eight years, the matter was still pending-------Parties were directed to finalize the terms of reference of the investigation within seven days of the order-------Department was also directed to finalize the investigation by April 30, 2015. THIS ORDER PASSED BY: ZAFAR ABDULLAH, COMMISSIONER (SCD) AND FIDA HUSSAIN SAMOO, COMMISSIONER (INSURANCE) 1. This order is in Appeal No. 12 of 2007 filed under section 33 of the Securities and Exchange Commission of Pakistan (the "Commission") Act, 1997 against the order (the "Impugned Order") dated 05/12/12 passed by the Respondent. 2. The facts leading to the case are that an application was filed by Mrs. Sumera Raza Ashraf (the "Applicant") before the Registrar, Company Registration Office (the "CRO"). The Registrar CRO, after perusal of the application sought…

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