Law:

Section:

Companies Ordinance (XLVII of 1984)--- ----S. 42---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Dismissal of application for grant of licence---"Pakistan Tax Advisors Association", was initially allowed to work, but subsequently was denied the grant of licence under S.42 of Companies Ordinance, 1984---Discretion had been used by Deputy Registrar of companies without application of judicious mind and lacking substantial reasons---Licence was a privilege and not a legal right and issuance or refusal of a licence was discretion of licensor, but a discretion could not be exercised in an arbitrary or fanciful manner---Law mandated its use judiciously in accordance with settled norms of justice and equity---Refusal of licence to the Association on the basis of existence of society registered as "Pakistan Tax Bar Association" which was neither licensed, nor registered entity, with the Commission, was not a valid reason for use of discretion---Association had categorically mentioned in its correspondence with Deputy Registrar that its object dealt with individuals, like Chartered Accountants, Advocates, Tax Practitioners and students, whereas "Tax Bar Association" had affiliated different Tax Bars of the country; as its members, but Deputy Registrar had not considered that fact while deciding the matter---Conduct of the Deputy Registrar, reflected its failure to use discretion in a careful manner---Case, should have been dealt under S.22(3) of Securities and Exchange Commission of Pakistan Act, 1997, but Deputy Registrar, while deciding the application of the Association, had not provided any opportunity of hearing, which was a gross violation of law---Express bar of S.33 of the Securities and Exchange Commission of Pakistan Act, 1997,on appeal was applicable to the case of Association---Association was advised by the Appellate Bench to approach appropriate forum for grant of relief claimed in appeal---Appeal being not maintainable, was dismissed, in circumstances. THIS ORDER PASSED BY: ZAFAR ABDULLAH, COMMISSIONER (SCD):---.--- 1. This order shall dispose of Appeal No.04 of 2016 filed under section 33 of the Securities and Exchange…

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