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

Section: 33,34

Law: Constitution of Pakistan, 1973

Section: 185(3)

Securities and Exchange Commission of Pakistan Act (XLII of 1997)---Ss. 33 & 34---Constitution of Pakistan (1973), Art.185(3)---Independent Inquiry Committee appointed to investigate the matter, submitted its report and commission had passed some interim orders, which were challenged before the High Court---Before approaching High Court, respondents should have waited for alternate remedies available under Ss.33 & 34 of Securities and Exchange Commission of Pakistan Act, 1997---Dispute was highly technical in nature and could amicably be resolved only through special expertise---Very object of Securities and Exchange Commission of Pakistan Act, 1997 would be frustrated if initial orders of the Securities and Exchange Commission were directly challenged before the High Court, whereas the law had provided alternate remedy, which, as a rule, would be followed, unless cogent reasons were shown for proceedings otherwise-No such reason having been shown and controversy relating to the crises could more appropriately be appreciated before the hierarchy provided under Securities and Exchange Commission of Pakistan Act, 1997, petitions for leave to appeal were converted, into appeals and were allowed. JUDGMENT NAZIM HUSSAIN SIDDIQUI, J.--- This judgment will dispose of Petitions Nos.2502, 2503 and 2504 of 2001 in which common questions of facts and law are involved. 2. Writ petition filed by Mian Nisar Sheikh respondent bearing No.1220 of 2001, was disposed of by a learned Judge in Chamber, Lahore High Court vide judgment dated 7-8-2001 with certain observations made therein. The petitions of Tanveer Malik and Iftikhar Shafi respondents, bearing Nos.1221 of 2001 and 1222 of 2001 respectively, were disposed of by the same Judge in terms of the judgment dated 7-8-2001 passed in the petition No.1220 of 2001. The facts relevant for decision of these petitions are as follows. 3. The petitioner namely, the Securities and Exchange Commission of Pakistan (SECP), was established under the Securities and Exchange Commission of Pakistan Act, 1997, hereinafter referred to as "the Act". The object of establishing the Commission was, inter alia creation of an Authority to…

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