Law:

Section:

Securities Act (III of 2015)--- ----S. 109(1)(h)(iv)---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Acquiring ordinary shares of appellant company, acquirer made a public announcement of offer to acquire up to 185,866,042 ordinary shares of appellant company---Acquirer having completed all formalities required of an acquirer under takeover law regime of the Securities Act, 2015, became entitled to transfer of 488,839429 ordinary shares pursuant to the terms of the share purchase agreement entered into between the acquirer and the seller---Seller, accordingly, entered in transaction order in the Central Depository Company (CDC) of Pakistan in favour of the acquirer for transfer of the said shareholding (T.O)---Assistant Director, Securities and Exchange Commission of Pakistan) through its letter directed the appellant company (seller) to ensure the compliance of the Trust Deed before transfer of majority shareholdings to the acquirer---Copy of said direction was also sent to the 'C.D.C.', which vide its most recent communication refused to honour 'T.O' in absence of a specific order by the Securities and Exchange Commission of Pakistan referring to the various correspondence of the respondent---Withholding of transfer of shares in the name of acquirer; when all the legal formalities had been completed under the Securities Act, 2015, was not lawful---Trustees having decided to initiate action as per provisions of the trust deed, Securities and Exchange Commission, was not to become a party and let the courts decide the matter---Impugned letter was set aside---Registrar was directed to send a copy of that order to Chief Executive of the Central Depository Company of Pakistan for transfer of shares in the name of acquirer, subject to completion of all legal/procedural formalities. THIS ORDER PASSED BY: TAHIR MAHMOOD, COMMISSIONER (CCD-CLD):---.--- This Order is passed in the matter of Appeal No. 96 of 2017 filed under section 33 of the Securities and Exchange Commission of Pakistan (Commission) Act, 1997 (SECP Act) against the letter (Impugned Letter) dated May 17th, 2017 passed by the Respondent. 2. Facts leading to this case are that…

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