| Citation(s) |
| 2003 SLG 427 2003 SLD 427 2003 CLD 131 2003 PTCL 370 |
Securities and Exchange Commission of Pakistan
Appeal against Order dated 5-12-2001, decision dated:
2-04-2002, hearing DATE : 5-03-2002
SHAHID GHAFFAR, COMMISSIONER (SM)
M. ZAFAR-UL-HAQ HIJAZI, COMMISSIONER (CL)
Dr. Parvez Hassan, Barrister Mujtaba Jamal, Zulfiqar A. Ch. and Ali Rashid Khan for Appellants. Abdul Rafique Khan for Appellant No. 3.
Ashfaq Ahmed Khan, Director, Abid Hussain, Deputy Director (Enf.) and Mubasher Saddozai, Deputy Director (Enf.) on beh
MESSRS GHARIBWAL CEMENT LIMITED AND OTHERS
VS
AND EXCHANGE COMMISSION OF PAKISTAN
Law: Companies Ordinance, 1984
Section: 208
(a) Maxi "Cuilibet licet renuntiar juri prose introducto": Any one may waive or renounce the benefit of a principle or rule of law that exists only for his protection. (b) Companies Ordinance (XLVII of 1984)--S. 208 Words "under the authority" Meaning Such words mean having consent of the shareholders prior to investment Such an authority subsequently acquired cannot be termed as an act "under the authority". Brooke Bond India Ltd. v. U.B. Ltd. (1994) 79 Comp. Cas. 346; East Indian Produce Limited v. Naresh Acharya Bhaduri (1988) 64 Comp. Cas.259; Bamford v. Bamford (1969) 1 All ER 969 (CA); Halsbury's Laws of England, Fourth Edn,. Vo1.7, para.726; Gower, LCB, Gower's Principles of Modern Company Law, at 177, Fifth Edn., 1992; Grant v. United Kingdom Switchback Railways Co. (1888) 40 Ch. D 135; Parmeshwari Prasad Gupta v. The Union of India AIR 1973 SC 2389; V.N. Bhajekar v. K.M. Shinkar AIR 1934 Bom.243; Manzoor Hussain v. Wali Muhammad PLD 1965 SC 425; McDermott v. Bear Film Co. 21'9 Cal. App. 2nd 607; Nishat Mills Limited v. Superintendent of Central Excise, Circle II and 3 others PLD 1989 SC 222; E.A.E Vans v. Muhammad Ashraf PLD 1964 SC 537; Vellayan Chettiar v. Government of the Province of Madras PLD 1947 PC 160 ref. (c) Interpretation of statutes Words not provided for should not be read into a statute Word should be interpreted or a meaning can be assigned thereto only after seeing the context in which same is used. (d) Companies Ordinance (XLVII of 1984) S. 208 Investments in associated company Prior permission of the shareholders Mandatory requirement ¬Doctrine of substantial compliance Applicability ¬Investment made in associated company cannot be validated by virtue of subsequent ratification by shareholders Doctrine of substantial compliance cannot be resorted to where there has been a clear violation of mandatory provisions. (e) Administration of justice Law must be followed Violation of law should not be judged in the light of results of the violation only, and, likewise if results are good, violations should not be altogether ignored. (f) Companies Ordinance (XLVII of 1984) S. 208 Words "normal trade credit" Meaning and scope Such words suggest…
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