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

Section: 33(1)(a)

Law: Companies Ordinance, 1984

Section: XLVII,231

Securities and Exchange Commission of Pakistan Act (XLII of 1997)-------S. 33(1)(a)---Companies Ordinance (XLVII of 1984) [since repealed], S. 231--Administrative (Inspection) order passed by Securities and Exchange Commission of Pakistan (SECP)---Appeal before the Appellate Bench of SECP--Maintainability---Appellant (Textile Mills) assailed inspection order passed by the Director-Corporate Supervision Department (CSD), SECP, (Respondent) under S. 231 of the Companies Ordinance, 1984 ('the Ordinance, 1984')---Validity--Impugned order was an order to inspect the books and records of the Appellant which had been passed in accordance with law---Section 33(1)(a) of Securities and Exchange Commission of Pakistan Act, 1997 states that no appeal shall lie against "an administrative direction given by a Commissioner or an officer of the Commission"---Exercise of powers under S. 231 of the Ordinance, 1984 was administrative in nature and limited to conducting inspection and preliminary inquiries into the affairs and books of accounts and papers of a company---If the orders passed by the Commission in terms of S.231 of the Ordinance, 1984 were subject to challenge that would paralyze functions of the Commission which would not be expected to perform its regulatory functions---It is the prime responsibility of the Commission as a regulator to collect information for effective enforcement of the laws being administered by it, and in the absence of such information, the Commission cannot be expected to make fair and impartial decisions---Therefore, it is extremely important for the regulatees /concerned persons to fully cooperate for providing such information---There was no reason to interfere in impugned inspection     order---Appeal,     being     non-maintainable,     was     dismissed,     in circumstances.Ofspace (Private) Limited v. Federation of the Islamic Republic of Pakistan and 3 others 2012 CLD 923 and Saif Power Limited v. Federation of the Islamic Republic of Pakistan 2022 CLD 1382 ref.Date of hearing: 30th May, 2024.ORDERThis order shall…