Law: Companies Ordinance, 1984

Section: 234,234A

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

Section: 33

Companies Ordinance (XLVII of 1984)--S. 234-A---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Application for ordering of special audit by appointment of auditors--Appeal to Commission---Respondents, who jointly owned 49% of the total share-holding of the company, filed an application under S.234-A of the Companies Ordinance, 1984 for ordering of special audit by appointment of auditors to carry out detailed scrutiny of the affairs of the company---Respondents had levelled certain allegations against appellants who jointly owned 51% share-holding of the company, with regard to conducting the affairs of the company---Show-cause notice was issued to the appellants and proceedings were held---Executive Director (Registration), after considering the show-cause notice and hearing the parties vide impugned order appointed Auditing company as auditor to carry out the special audit and detailed scrutiny of the affairs of the Company under. S.234-A of the Companies Ordinance, 1984---Appellants aggrieved by the impugned order had filed appeal in which jurisdiction of Executive Director was specifically objected to---Validity---Preliminary objection taken by the appellant on the exercise of the powers of Executive Director, was without any merit---Appellants had failed to show any prejudice caused to them as a result of hearingâ-ž before Executive Director, who was delegated the powers to hear the issues relating to S.234-A of the Companies Ordinance, 1984, vide Notification No.839(I)/2008 dated 11-8-2008---Executive Director in exercise of his lawful authority, heard the application filed by the respondents under S.234-A of the Companies Ordinance, 1984---Executive Director of the Commission, in circumstances, was competent to hear the application for a special audit and no injustice or prejudice was caused to the appellants---Introduction of S.234-A of the Companies Ordinance, 1984 was to equip Securities and Exchange Commission of Pakistan with a regulatory tool, which could be used at any time to scrutinize the affairs of the company---Special audit could be conducted by Securities and Exchange Commission of Pakistan on its own motion or on…

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