Law: Securities and Exchange Commission of Pakistan (Appellate Bench Procedure) Rules, 2003

Section: 13(4)

Securities and Exchange Commission of Pakistan (Appellate Bench Procedure) Rules, 2003--- ----R. 13(4)---Contumacious conduct of the party before the Court/Authority--Special costs, imposition of---Scope---Appellant, a wholly-owned government company, availed multiple opportunities, before the Appellate Bench, of hearing with its persistent and repeated requests for adjournment---Validity---Appellant's conduct reflects a clear intention to delay the proceedings and obstruct the disposal of the Appeal---Appellant's actions demonstrate a lack of diligence and seriousness in pursuing the matter, thereby undermining the sanctity of the appellate process--Pattern of seeking adjournments at the eleventh hour specifically, on the day preceding scheduled hearings even after receiving explicit instructions to ensure representation, amounts to a deliberate and calculated abuse of the legal process--Thus, appellant's conduct constitutes procedural impropriety and is not in consonance with the standards expected of a public sector entity---Imposition of special costs under R.13(4) of the Securities and Exchange Commission of Pakistan (Appellate Bench Procedure) Rules, 2003 ( the Rules 2003 ) would have been warranted under the circumstances, however, the Bench exercising judicial restraint refrained from doing so---Nevertheless, the Bench strongly emphasized that, as a wholly-owned government company, the appellant was duty-bound to uphold exemplary standards of corporate governance and to ensure strict compliance with the PSC Rules--- The Bench also noted with regret that the appellant had shown no bona fide intent to pursue the appeal, which was evidenced by the appellant's continued non-appearance and failure to ensure representation even on the final date of hearing---It was further observed that the individual cited as being unavailable on account of attending a meeting with a Minister was neither an authorized representative in the instant appeal nor a legal counsel for the appellant; which fact, in itself, highlighted the appellant's disregard for procedural due process and further reinforced the conclusion that the appellant had willfully and…