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

Section: 41-B

Law: National Accountability Ordinance, 1999

Section: 9

Law: Constitution of Pakistan, 1973

Section: 199

(a) Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----S. 41-B---National Accountability Ordinance (XVIII of 1999), S.9---Constitution of Pakistan, Art. 199---Corruption and corrupt practices---Inquiry, investigation and other proceedings in respect of regulated persons---Pre-arrest bail, refusal of---Scope---Accused was alleged to have been involved in cheating the public at large---Material ‎brought on record prima facie showed that ‎‎investments were received from the general public and deposited in bank accounts operated in the ‎‎names of the regulated persons (companies) as ‎well as in the ‎personal name of the accused---Inducement to ‎the public was also through a purported entity, which was not a regulated ‎person as defined ‎under the Securities and ‎Exchange Commission of ‎Pakistan Act, 1997---National Accountability ‎Bureau had initiated an ‎inquiry against the accused relating to alleged ‎acts amounting to the ‎offence of cheating the ‎public at large---Later, the ‎Securities and ‎Exchange Commission of Pakistan (SECP) ‎had ‎sent a reference in exercise of powers conferred ‎under S. 41-B of the Securities and ‎Exchange ‎Commission of Pakistan Act, 1997---Reference ‎was found to be in consonance with the ‎provisions ‎of the Companies Act, 2017 read with ‎the Securities and Exchange Commission of Pakistan Act, 1997--- National Accountability Bureau was vested with the power and ‎jurisdiction to initiate ‎proceedings against the ‎accused for the alleged ‎acts relating to a ‎purported entity other than a regulated person ‎defined under the National Accountability Ordinance, 1999---Likewise, the proceedings pursuant to receiving a reference from the Commission did not suffer from ‎jurisdictional ‎error nor any other legal infirmity---Sufficient incriminating material had ‎been brought ‎on record by the National Accountability Bureau against the accused---Accused was also reluctant to effectively cooperate with the Investigating Officer during the course of investigations---Constitutional petitions seeking pre-arrest bail, challenging call up notices and ‎sending of reference by the SECP were dismissed. Dr Arsalan Iftikhar v. Malik…

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