Law: Companies Ordinance, 1984

Section: 265

Companies Ordinance, (XLVII of 1984)--Ss. 265(b) & 485(1)---Constitution of Pakistan (1973), Art.185(3)---Order of Security Exchange Commission appointing a firm of Chartered Accountants to investigate affairs of company---Appeal against such order dismissed on basis of proviso to S.485(1) of Companies Ordinance, 1984---Plea of company was that such appointment would affect its reputation---Validity---Investigation would remain pending till making of report by investigator---Conduct of investigation was part of case pending with Security Exchange Commission for investigating affairs of company---Mere appointment of an investigator would not "dispose of the entire case "---Object of proviso to S.485(1) of Ordinance, 1984 was to avoid fragmentary decision and ensure non-occurrence or delay to hamper regulatory role of Commission---Security Exchange Commission had passed such order after due consideration of all circumstances---Company through dilatory tactics had frustrated investigation of its affairs for past nine(9) years---Company itself should have no reluctance in joining investigation, if could explain and answer significant and well founded question raised by the Commission---Such plea could hardly be a ground for rendering redundant provisions of S.265 of Companies Ordinance, 1984---Supreme Court declined to grant leave to appeal in circumstances. ORDER JAWWAD S. KHAWAJA, J.---The petitioner company impugns the judgment dated 11-12-2008 of the High Court whereby commercial Appeal No.4 of 2003 filed by the petitioner company was dismissed. The company had raised a grievance against the proposed appointment of a firm of Chartered Accountants for the purpose of investigating the affairs of the company under section 265(b) of the Companies Ordinance. 2. We have gone through the impugned judgment and have also heard learned counsel for the parties at some length. The petitioner's appeal was dismissed on the basis of the proviso to section 485(1) of the Companies Ordinance, which stipulates as under: "Provided that no appeal under subsection (1) shall lie from an order which does not dispose of the entire case before the [Commission] or the Federal…

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