Law: Companies Act, 2017

Section: 7,256,257

Law: Constitution of Pakistan, 1973

Section: 10A

Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 22(3)(5),29,30,31,31A,32,34

(a) Companies Act (XIX of 2017)--- ----S. 7--- Securities and Exchange Commission (Commission)---Exercise of discretion---Scope---Exercise of discretion by Commission is guided/determined by facts and circumstances of case but has to be exercised in good faith, without any bias, prejudice or ulterior motives. (b) Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----Ss. 29 & 34---Companies Act (XIX of 2017), Ss. 256 & 257---Investigation into affairs of company, order of--- Procedural unfairness---Petitioner was aggrieved of authorization of investigation by Securities and Exchange Commission of Pakistan---Plea raised by petitioner was that procedural unfairness was adopted---Validity---No procedural or statutory defect existed in ordering of investigation under S. 29 of Securities and Exchange Commission of Pakistan Act, 1997---Even if there was some alleged procedural unfairness as claimed by petitioner, it would be inconsequential as action taken was merely a preliminary step to collect facts and information which otherwise constituted an exception to claim of procedural fairness---Circumstances existed to proceed the Commission in exercise of powers conferred under S. 29 of Securities and Exchange Commission of Pakistan Act, 1997 therefore, no prejudice was caused merely on ordering of investigation which exercise of power was in accord with mandate of S. 29 of Securities and Exchange Commission of Pakistan Act, 1997---High Court declined to exercise its jurisdiction under S. 34 of Securities and Exchange Commission of Pakistan Act, 1997 which was otherwise premature and not available to petitioner in absence of any order of the appellate Bench of the Commission---High Court declined to interfere in order of investigation as same did not suffer from any illegality, irrationality and procedural impropriety---Constitutional petition was dismissed in circumstances. Messrs Kaloodi International (Pvt.) Ltd. and another v. Federation of Pakistan and others PLD 2001 Kar. 311; Service Industries Textiles Limited, Lahore v. Securities and Exchange Commission of Pakistan through Chairman, Blue Area, Islamabad and 4 others 2000 MLD 1880; Rohtas…

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