| Citation(s) |
|---|
| 2026 SLG 641 2026 SLD 641 = 2026 SHC 127 |
Sindh High Court
M.A. No. 18 of 2023
Presented By: (Adnan Iqbal Chaudhry) JUDGE
Appellant : Maqsood Ahmed son of Muhammad Nazir through Ms. Fareeda Mangrio, Advocate.
Respondents 1 to 4 : Securities & Exchange Commission of Pakistan (SECP) through M/s. Syed Imran Shamsi and Syed Ebad- ur-Rehman, Advocates.
Respondent No. 5 : Khalid Latif son of Abdul Latif through Mr. Irfan Ahmed Memon, Advocate. Date of hearings : 28-04-2025 & 27-05-2025
M.A. No. 18 of 2023
Presented By: (Adnan Iqbal Chaudhry) JUDGE
Appellant : Maqsood Ahmed son of Muhammad Nazir through Ms. Fareeda Mangrio, Advocate.
Respondents 1 to 4 : Securities & Exchange Commission of Pakistan (SECP) through M/s. Syed Imran Shamsi and Syed Ebad- ur-Rehman, Advocates.
Respondent No. 5 : Khalid Latif son of Abdul Latif through Mr. Irfan Ahmed Memon, Advocate. Date of hearings : 28-04-2025 & 27-05-2025
[Maqsood Ahmed
VERSUS
Securities & Exchange Commission of Pakistan & others]
Law: SECP Act, 1997
Section: 33, 34
Law: Companies Act, 2017
Section: 464(4), 464(5)
Law: Companies Ordinance, 1984
Section: 468
Tag Line Finality of SECP appellate orders under Section 464(5) of Companies Act, 2017—bar on further appeal overrides Sections 33 & 34 of SECP Act, 1997. Summary This appeal was filed before the High Court under Section 34 of the SECP Act, 1997 against an order of a Commissioner of SECP dated 25.01.2023. Factual Background: A dispute arose regarding transfer of controlling shares in a company. The Appellant challenged company returns filed by Respondent No.5. The Joint Registrar cancelled those returns under Section 468 of the Companies Ordinance, 1984. On appeal: Registrar of Companies upheld the cancellation. SECP Commissioner, however, restored the returns (impugned order). ORDER; Adnan Iqbal Chaudhry J. – This appeal has been brought under section 34 of the Securities & Exchange Commission of Pakistan Act, 1997 [SECP Act] from an order dated 25.01.2023 passed by a Commissioner of the SECP [impugned order], emanating from the following proceedings: During a dispute between the Appellant and Respondent No.5 over the transfer of controlling shares in the company to the latter, the Appellant made a complaint to the Registrar of Companies to question matters reported by Respondent No.5 in company returns filed with the SECP from 2013 to 2015. The complaint (Case No. 36/2015) was put up before the Joint Registrar of Companies, who passed order dated 17.06.2015 in exercise of powers under section 468 of the erstwhile Companies Ordinance, 1984, and de-registered/cancelled company returns filed by Respondent No.5, while referring the parties to the Court for determination of their shareholding in the company under section 152 of the Companies Ordinance. While the Appellant filed JCM No. 18/2015 before this Court under section 152 of the Companies Ordinance, the Respondent No.5 appealed the order of the Joint Registrar (Appeal No. 04/2015) to the Registrar of Companies under section 468(4)(a) of the…