Law:

Section:

Companies Ordinance (XLVII of 1984)-------Ss.305 & 309--Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33-Winding-up of company--Petition for-Appeal to Appellate Bench of the Commission-Executive Director (Registration) through impugned order granted sanction and authorized the Registrar to present petition before the High Court for winding up of the appellant-company in terms of S.305 of the Companies Ordinance, 1984-Appellant had filed appeal against said order, maintainability of which had been questioned by the authorities--contention of the appellant was that appeal had been preferred against a quasi judicial decision and not an administrative decision which was valid to the extent that administrative orders were not appealable, which had spec4fically been provided by Proviso (a) to S.33 of Securities and Exchange Commission of Pakistan Act, 1997-Contention of the appellant that as opposed to administrative orders all quasi judicial orders were appealable, could not be agreed to because provisos (b) (c) & (d) of S.33(1) of Securities and Exchange Commission of Pakistan Act, 1997 had provided situation as where quasi judicial orders passed by the Commission or its authorized officers were not appealable---In the present case proviso (c) of S.33(1) of Securities and Exchange Commission of Pakistan Act, 1997 was fully attracted as the impugned order granted sanction to the Registrar, to file winding-up of the appellant-company, which was not appealable order. ORDER This order will dispose of the appeal filed by Messrs Excel Financial Services (Pvt.) Ltd. (the "Appellant") under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 (the "SECP Act") against the order dated 23-06-2009 (the "Impugned Order") passed by Executive Director, Registration ("respondent"). 2. The respondent through the impugned order granted sanction under clause (b) of section 309 of the Companies Ordinance, 1984 (the "Ordinance") and authorized the Registrar concerned to present a petition before the High Court for winding up of the appellant in terms of section 305 of the Ordinance. 3. The appellant preferred the instant appeal…

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