Law:

Section:

Companies Ordinance (XLVII of 1984)-------S. 224(2)---Specific Relief Act (I of 1877), Ss. 42 & 54---Discretion of court as to declaration of status or right---Bar to such declaration---Trading by director, officers and principal shareholders of a company---Show-cause notice under S.224(2) of the Companies Ordinance, 1984---Suit for declaration and permanent injunction challenging issuance of show-cause notice to plaintiff by the Securities and Exchange Commission of Pakistan (SECP), under S.224(2) of the Companies Ordinance, 1984---Maintainability of such suit---Contention of the plaintiff was inter alia that he had not realized any tenderable and/or other gain and was not therefore liable to tender any amount under S.224 of the Companies Ordinance, 1984---Held, that declaration sought by plaintiff was not in respect of any legal character of the plaintiff---Very fact that plaintiff had submitted a detailed reply to the show-cause noticed issued by the SECP, was contrary to his claim in the plaint and in the said reply plaintiff had not claimed that the defendants had acted illegally, in a mala fide way or that they were not competent to issue impugned notice under S.224 of the Companies Ordnance, 1984---Fact that plaintiff had submitted to the jurisdiction of the SECP unconditionally amounted to accepting jurisdiction of SECP to issue notice under the Companies Ordinance, 1984---Plaintiff should have appeared before the competent authority for personal hearing, which he had avoided--- Plaintiff had not sought declaration as to his own rights and status; and declaratory relief could only be granted in respect of legal character which was not under threat in the present case---Plaintiff was therefore neither entitled to declaration or permanent injunction--- Suit being incompetent and not maintainable, was dismissed in circumstances. Karsaz Construction Company v. Pakistan 1999 CLC 1719 and Alvi Sons Ltd. v. Government of East Pakistan PLD 1968 Kar. 222 rel. ORDER NAZAR AKBAR, J.---The plaintiff through this suit for declaration and permanent injunction has challenged the show-cause notice dated 6-1-2010 issued by Securities and Exchange Commission of…

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