Law: Companies Ordinance, 1984

Section: 265

Companies Ordinance (XLVII of 1984)---Ss. 265 & 10--Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Code of Civil Procedure (Amendment) Ordinance (X of 1980), S.15---Constitution of Pakistan (1973), Art. 185(3)---Investigation of company's affairs---Notice was issued to the company under S.265, Companies Ordinance, 1984 to show cause as to why Inspector should not be appointed to investigate the affairs of the company on various grounds including non-payment of return to the shareholders, uncalled for heavy expenditures, deviations from Memorandum of Association etc.---Company assailed the said notice in appeal before the Appellate Bench of the Security and Exchange Commission of Pakistan which was rejected but subsequently maintained by the Company Judge of High Court---Petition for leave to appeal to Supreme Court---Maintainability---All orders passed under S.10(2) of the Companies Ordinance, 1984, in exercise of original civil jurisdiction of the High Court as per provisions of S.15, Code of Civil Procedure (Amendment) Ordinance, 1980 were appealable before a Division Bench of the High Court---Order, in the present case, being an interlocutory in nature was governed by S.15, Code of Civil Procedure (Amendment) Ordinance, 1980 against which an intra-Court appeal before a Division Bench was the, only remedy---Petition for leave to appeal being, not maintainable was dismissed and leave refused by the Supreme Court. Brother Steel Mills Ltd. arid others v. Mian Ilyas Miraj and 14 others PLD 1996 SC 543 and Ch. Muhammad Hussain v. Pakistan Industrial and Credit Investment Corporation Ltd. and others CMA No.948 of 2002 in CA No. 648 of 2002 ref. JUDGMENT ABDUL HAMEED DOGAR, J.---Petitioner Diamond Industries Limited seeks leave to appeal against the judgment dated 11-6-2001 passed in Company Case No.13 of 2000 by a learned Judge in Chambers of the Peshawar High Court, Peshawar, whereby the same was dismissed. 2. The facts relevant for filing the instant petition are that the petitioner-company was issued a show-cause notice on 11-9-1999 by the Security and Exchange Commission of Pakistan (hereinafter referred to as the Commission')…

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