Law: National Accountability Ordinance, 1999

Section: 19

Law: Companies Act, 2017

Section: 32(2)(p),32(2)(t)

(a) National Accountability Ordinance (XVIII of 1999)--- ----S. 19---Notice by National Accountability Bureau---Purpose---Raison d'etre of S. 19 of National Accountability Ordinance, 1999 is not meant for giving any caution but it is serenely congregated for requiring information for purposes of inquiry or investigation to investigate and unearth any offence. (b) National Accountability Ordinance (XVIII of 1999)--- ----S. 23---Transfer of property---When void---Principles---Provisions of S. 23 of National Accountability Ordinance, 1999 wreaks and enforces a bar or embargo against transfer or creation of charge on any property while inquiry or investigation or proceedings pending before National Accountability Bureau or court. (c) Companies Act (XIX of 2017)--- ----Ss. 100, 111 & 112---National Accountability Ordinance (XVIII of 1999), S. 23---Charge, non-registration of---Petitioner was borrower who was aggrieved of non-registering charge in favour of Bank by Securities and Exchange Commission of Pakistan---Validity---Essentially charge was created by a company/borrower with some financial institutions and role of Securities and Exchange Commission of Pakistan was triggered after creation of charge---Matter was in fact between company and financial institutions and if despite creation of charge, Securities and Exchange Commission of Pakistan failed to register charge and tantamount to violation of S. 100 of Companies Act, 2017 in particular when no notice was ever issued by National Accountability Bureau to Securities and Exchange Commission of Pakistan to mark caution against registration of charge---Outcome of overriding effect could not be construed or interpreted in a manner that one statutory body could restrict without caveat another statutory body from performing its statutory obligations emanating from its parent law---Purpose of registration of charge was most importantly defined under S. 100 of Companies Act, 2017 and register of charges was to be kept by Registrar and could be inspected by any person on payment of fees as might be prescribed---Registrar would issue a certificate of registration as registration of charge with Securities and…

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