SYED MOONIS ABDULLAH ALVI versus EXECUTIVE DIRECTOR (ENFORCEMENT AND MONITORING), SEC
Sections 74, 472 (1), 484 and 495 of the Securities and Exchange Ordinance (XVII of 1969), a revision against the order of the Executive Director of Section 31, whereby the Company may assign certain shares listed thereunder by various members of the Stock Exchange. A transfer order has been issued. The period the company was preventing the registration of the transfer on the basis that the people who submitted the shares for the transfer was not a good buyer, who bought shares on the floor of the stock exchange, considered them very good. Although the relevant companies could work against the terms of the scheme of arrangements by assigning these shares to the trustees as per the High Court order, the proceedings of these companies would have clearly exposed the third party. Cannot be given under which general guidance is required. Registration of all the conversions entered into the company, if not in accordance with section 74 of the Companies Ordinance, 1984, read with section 31 Cretaceous and Exchange Ordinance, 1969, but this company has refused to register transfer to Bona Fide buyers. There were no compelling reasons to do so the company was ordered to register the transfer of all such shares, which were purchased by the liquidators on the stock market floor.
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