Law:

Section:

Establishment of Office of the Wafaqi Mohtasib (Ombudsman) Order, (I `of 1983)--- ----Ss. 2(1) & 9---Securities and Exchange Ordinance (XVII of 1969); Ss.3 & 4---Constitution of Pakistan (1973), Art.199---Power and jurisdiction of Wafaqi Mohtasib to deal with complaints of maladministration in relation to internal affairs of Stock Exchange---Stock Exchange---Expression "agency" as defined in S.2(1), Establishment of the Office of Wafaqi Mohtasib (Ombudsman) Order, 1983, whether applicable to "Stock Exchange"---Vires of order of Wafaqi Mohtasib requiring Stock Exchange to resolve dispute between two contestants for membership of Stock Exchange---Stock Exchange was admittedly a company established by private individuals and not by Federal Government which had been registered under laws relating to registration of companies---Federal Government was not holding any shares muchless controlling shares in such company entitling it to exercise administrative control through its employees, officers or nominated or elected directors or members of management over the affairs and functions of Stock Exchange--­Merely because provisions in Securities and Exchange Ordinance, 1969 had been made to supersede governing body of Stock Exchange as a matter of penalty in the event of contravention of any of the provisions of Ordinance, same would not make Stock Exchange as an institution controlled by Federal Government---Main object of establishment of the Office of Wafaqi Mohtasib was to undertake investigation as regards maladministration in departments of Federal Government by public functionaries, i.e. employees and officers and statutory corporation and other institutions established or controlled by Federal Government---Stock Exchange was an institution which was not controlled by Federal Government in the sense as such expression had been used in definition of "Agency" as used in Establishment of the Office of Wafaqi Mohtasib (Ombudsman) Order, 1983---Wafaqi Mohtasib thus, had no power to interfere in the internal affairs of private institutions---Besides inherent defect in the jurisdiction of Wafaqi Mohtasib in the matter in question, petitioner was not heard before…

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