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

Section: 40-A,33

Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----Ss. 40-A & 33---Securities and Exchange Commission of Pakistan (Appellate Bench Procedure) Rules 2003, R. 8---Audi altrem partem, principle of---Proper and necessary party, non-impleading of---Scope---A party, to the proceedings culminating in an order-in-original, was not impleaded by the appellant while preferring appeal to the Appellate Forum; deficiency letter was issued by the Appellate Bench Registry to the appellant directing to implead said party as respondent being necessary party---Objection application was moved by the appellant assailing said directions/letter contenting that grievances of the party/ respondent had already been addressed through order-in-original---Validity---Principle of audi altrem partem meaning that "hear the other side" or " let the other side be heard " is a fundamental tenet of the procedural fairness ensuring that individuals be given fair opportunity to present their case, challenge evidence and respond to the arguments; it upholds the principles of justice, due process, and the protection of individual's rights---In the present case denying to implead respondent as a necessary party to the appeal would undermine the principle of dispensing justice---Furthermore, to avoid multiplicity and delay of proceedings respondent shall be impleaded as a party to the appeal---Respondent earlier remained part of the proceedings and to ensure the continuity of the proceedings warranted to make the same as a party to the appeal---If the decision of the appeal filed by the applicant was made without hearing respondent then rights of the later shall be infringed---Therefore, respondent was a necessary party to the appeal in the light of the said facts and principles---Appellate Bench directed the Applicant to implead respondent as a party in its appeal and to file amended memorandum of appeal within fifteen days, failing with which, appeal would not be registered---Bench further directed the respondent that upon submission of amended documents by the applicant/appellant and satisfaction of the respondents thereof, appeal of the Applicant against the…

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