Law:

Section:

(a) Securities and Exchange Ordinance (XVH of 1969)--- Revision petition accepted. -;---S. 34 --- Corporate Law Authority Rules, 1984, R.1 --- Civil Procedure Code (V of 1908), O.XXXIX, Rr.1 & 2 --- Specific Relief Act (I of 1877), S.42--­ Temporary injunction, grant of --- Member's Default and Procedure for Recovery of Losses Regulations, 1995 of Lahore Stock Exchange (Guarantee) Limited, Preamble---Plaintiff had challenged notice for recovery of specified amount served by defendant upon plaintiff by filing suit for declaration wherein he also claimed interim injunction restraining defendant from declaring him, defaulter or taking any action of expelling or suspending him or taking any other action against him for recovery of outstanding amount against him or attempting to recover the same --- Trial Court declined to issue temporary injunction while Appellate Court granted injunction in terms of plaintiff's plea --- Validity--- Defendant had placed on record documents in respect of its claim against plaintiff which were not only relevant but fully made out case of default against plaintiff --- Such entries contained in 'books of account, regularly kept in course of business were relevant and presumption of truth was attached to the same --­ Plaintiff had not produced any evidence/document to contradict such entries -- Admitted position between the parties was that squaring process was in progress when plaintiff instituted suit --- Such process had now been completed as per request of plaintiff and matter between parties could now proceed, beyond the scope of squaring up in accordance with rules and bye-laws, therefore, interference at such juncture amounted to interference in internal working of defendant --- Plaintiff, if aggrieved would have alternate remedies under Securities and Exchange Ordinance, 1979 and Corporate, Law Authority Rules, 1984 --- Plaintiff, thus, had no prima facie case for grant of temporary injunction. Agha Muhammad Afzal and 2 others v. 'Municipal Corporation, Rawalpindi and 10 others PLD 1992 Lah. 448; Bipin Chandra and another v. M/s. Purushottarn Bhai AIR 1984 M.P. 110; Sardar Gulab Singh v. Punjab Zamindara Bank Ltd., Lyallpur…

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