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A.F. FERGUSON & CO. THROUGH PARTNER versus SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN THROUGH CHAIRMAN

Section 34 (4) Companies Ordinance (XLVII of 1984), Sections 252, 253 and 254 Corporate Governance Code, Item XLI [Securities and Exchange Commission Notification No. 2 (10) SE / SMD / 2002, Dated 28 3 2002] Securities and Exchange Commission Directive No. 13 / SEC / CSM / 2001 Dated 10 5 2002, CL (vii) Civil Procedure Code (v. 1908), and XIV, RR l & 3 Specific Relief Act (I of 1877) ), Sections 42 and 54 of the Constitution of Pakistan (1973), Article 18 of the Securities and Exchange Commission of Pakistan relating to the need to replace external auditors by the Companies of Directors of the Directors every five years, Sutter of Account Brick's partner company, the plaintiff's mandatory injunction and the indictment were void. That is, the item no of the Commission's Directive Code of Corporate Governance and CI (vii) pursuant to 10 5 2002 was extremely vires of Section 34 (4) of the XLI Securities and Exchange Ordinance, 1969 and violated Sections 252, 253 and 254, also the Companies Ordinance, 1 984; that is, the commissioning of the operation of item XLI of the Code of Corporate Governance and CL (vii) by the Commission, Sections 252 of Sections 34 and 4 of Securities and Exchange Ordinance, 1969 And be suspended for violation. 254, the Companies Ordinance, 1984 and that a permanent mandate be issued that the Commission be barred from directly or indirectly preventing the client from exercising his rights guaranteed under Article 18 of the Constitution. And in the High Court's appeal dismissing the order for immunity, the second was that the Single Judge failed to consider the plain language, scope and intention of section 34 (4) of the Securities and Exchange Ordinance, 1969. In order to know it power of attorney advocate Loralai lawyer