Law: Constitution of Pakistan, 1973

Section: 199

Constitution of Pakistan-------Art. 199---Constitutional petition---Maintainability---Alternate efficacious remedy---Grievance of a securities broking company against Pakistan Stock Exchange---Arbitration proceedings---Petitioner assailed initiation of arbitral proceedings before arbitral tribunal by respondent/ Pakistan Stock Exchange--Validity---When alternative and equally efficacious remedy is open to a litigant, he should pursue that remedy---In presence of arbitration agreement between parties there was no other option left but for the aggrieved party to proceed with agreed alternative dispute resolution mechanism i.e. arbitration---There was no reason to invoke Constitutional jurisdiction of High Court for issuance of writ in an ongoing arbitration matter unless some exceptional ground could be made out for such intervention in the facts and circumstances of the case or in law--Respondent/Pakistan Stock Exchange was not a person performing functions in connection with the affairs of the Federation---Institutional arbitration was currently under process between parties---Petitioner could not renege from the same and even otherwise, arbitral forum had provided adequate remedy to petitioner, which had not been exhausted---High Court declined to interfere in the matter as an arbitration was underway---Constitutional petition was dismissed, in circumstances.Attock Cement Pakistan Ltd. and others v. Federation of Pakistan and others C. P. No. D-1590 of 2023; Al-Jehad Trust v. Federation of Pakistan PLD 1997 SC 84, 192; Pakistan Stock Exchange Limited through Duly Authorized Officer v.Province of Sindh through Secretary, Ministry of Finance and 3 others 2024 CLD580; Pakistan Stock Brokers Association v. Pakistan Stock Exchange Limited and another C.P. No.D-4449 of 2021 and Competition Commission of Pakistan's case 2023 CLD 475 ref.Date of hearing: 13th November, 2024.JUDGMENTJAWAD AKBAR SARWANA, J.---The petitioner, Trade Smart Securities (Pvt.) Ltd. (hereinafter referred to as "TSSPL") has invoked the writ jurisdiction of the Constitutional High Court under Article 199 of the Constitution of the Islamic Republic of Pakistan, 1973 (hereinafter referred to as…