Law: Securities and Exchange Ordinance, 1969

Section: 18

Securities and Exchange Ordinance (XVII of 1969)--S. 18-A---Making fictitious application or submitting more than one application ,for shares of companies offered to the public---Applications in question had been submitted by two different persons using same National Identity Card number and father's name, but with different addresses and signatures---One of applications was submitted by applicant through one Bank, while other was submitted through another Bank---Application submitted in one Bank was genuine, whereas submitted in the other was fictitious one---Privatization Commission, was advised to accept application submitted through one Bank which was genuine and to allot shares against same---Subscription money deposited against said fictitious application, was directed to be confiscated under subsection (2) of S.18-A of Securities and Exchange Ordinance, 1969. ORDER JAHANARA SAJJAD AHMAD, JOINT DIRECTOR (SECURITIES MARKET DIVISION).---The matter arises from the Show-Cause Notices No.SMD/Co.62/3/2004-S dated January 23, 2006 and January 26, 2006 issued by the Securities and Exchange Commission of Pakistan (the Commission) to (i) Mr. Abdul Khaliq s/o Mohammad Zaman Khan, N.I.C. No.35201-1606641-1, address: c/o Adamjee Insurance Company Limited, Nawa-e-Waqt House, Queen's Road, Lahore (Applicant No. 1) and (ii) Mr. Abdul Khaliq s/o Mohd. Zaman Khan, N.I.C. No. 35201-1606641-1, address: Room No. 212, Second Floor, Lahore Stock Exchange Building, Lahore. (Applicant No. 2) 2. Facts of the case are that Elixir Securities Pakistan (Pvt.) Ltd., Consultant to the Offer, on behalf of Pakistan Petroleum Limited (PPL) vide letter dated September 15, 2004 furnished to the Commission a list of cases of all those applicants which were detected by Sidat Hyder Morshed Associates (Pvt.) Limited (the balloters to the offer) as being filed in violation of section 18A of the Securities and Exchange Ordinance, 1969, which stipulates that:-- "(1) No person or any other person on his behalf shall make a fictitious application or submit more than one application for shares of companies offered to the public. (2) In case of contravention of the provisions of subsection (1), the…

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