Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 33

Securities and Exchange Commission of Pakistan Act (XLII of 1997)-S.33 Listing Regulations, Regln. 21(2) Application for de Listing of Modarba from Stock Exchange Appellant, a Modarba applied for de Listing from Stock Exchange Previously, appellant had written to Stock Exchange and informed it of its decision to discontinue its membership as a Listed Modarba Stock Exchange refused to accept decision of appellant saying that it was not bound to do so and directed the appellant to pay listing fee Appellant refused to pay listing fee and applied to the Commission for its de Listing Commission directed the Stock Exchange to de List the appellants from its Exchange within fifteen days from the date of approval by appellant's share holders and that appellants to pay fee and penalties imposed by Stock Exchange for violating provisions of Regln. 21(2) of Listing Regulations for not providing required information to the Stock Exchange Appellant not satisfied with order of Commission preferred appeal before Appellate Bench ¬Validity No justification existed for forcing appellant to remain listed on Stock Exchange Stock Exchange acceded to direction of Commission to de list the appellant Only reason for not de Listing appellant was that Stock Exchange had not received the approval of the Board of Management Company of the appellant Appellant was directed to provide requisite approval to Stock Exchange upon which Stock Exchange would de list appellant from its Exchange without delay Directions given by Commissioner to appellant for payment of fee and penalties imposed by Stock Exchange for violation of Regln. 21(2) of Listing Regulation beyond the, year 2000, were set aside. ORDER The appellant mentioned above has filed this appeal under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 ('Act') against the order dated November 26, 2002 ('impugned order') passed by Commissioner (Securities Market) SEC: Brief facts leading to this appeal are that the appellant through its letters dated 15 July, 2002 and 29 July, 2002 applied under section 9(6) of the Securities and Exchange Ordinance, 1969 for de listing from Lahore Stock Exchange (G) Ltd. ("LSE").…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492