Law:

Section:

Companies Ordinance (XLVII of 1984)------- --------Ss. 222 & 224-------Companies (General Provisions and Forms) Rules, 1985, R.16-------Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33-------Accrual of gain by appellant company from purchase and sale transactions of shares-------Failure to make report of said transactions to the Commission-------Appellant made gain, but neither the matter of accrual of said gain was reported by the appellant/accruer in Part-D of the prescribed returns of beneficial ownership filed by him with the Commission; nor its tendering or recovery was reported to the Commission as provided in S.224 of Companies Ordinance, 1984-------Plea of appellant was that Ss.222 & 224 of the Companies Ordinance, 1984, as well as R.16 of the Companies (General Provisions of Forms) Rules, 1985, were designed to penalize trading gain (made within 6 months), but no such gain had been made by him-------Said plea of the appellant, having been considered to be unsatisfactory, show-cause notice was issued to him; and appellant had filed appeal against impugned order, contending that objective of S.224 of Companies Ordinance, 1984 was to prevent the insiders from benefiting from the gains-------Validity-------Transactions in the present case were done in the ordinary course of business; and nothing in said transactions suggested that appellant had entered into an unjust or inequitable transaction; or had acted in a manner, which was in violation of appellant's duties and obligations to the issuer; as stated in S.224(1) of the Companies Ordinance, 1984-------No monetary gain was made by the appellant in the case-------Impugned order was set aside, in circumstances. The Securities and Exchange Commission of Pakistan through Commissioner v. First Capital Securities Corporation Limited and another 2005 PLD 2011 SC 778 ref. THIS ORDER PASSED BY: TAHIR MAHMOOD, CHAIRMAN:------------- 1. This order is in Appeal No. 46 of 2011 filed under section 33 of the Securities and Exchange Commission of Pakistan (the "Commission") Act, 1997 against the order dated 18/03/11 (the "Impugned Order") passed by the Respondent. 2. Brief facts of the…

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