PAKISTAN INDUSTRIAL CREDIT AND INVESTMENT CORPORATION LIMITED versus ASSISTANT DIRECTOR (SPECIALIZED COMPANIES DIVISION) SEC
R 5 (5) Applicant for renewal of Investment Advisory License scope Appellant Corporation in Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 Sec R 161 (1) / 2004, dated 17/17 2004 Was denied. Prior to the application being denied the opportunity for art, the authority to renew or refuse an investment advisory license under R5 (5) of the Non-Banking Finance Companies (Establishment and Regulation) Rules 2003, the Commission was assigned to the Executive Director Was. Under the Specialized Companies Division, there was no decision or order of the competent authority on the section RO 161 (1) / 2004 dated 17 3 2004, which the appellant's assistant director did not have the authority to refuse or renew the license. ? Since there was no legal order by the Assistant Director, the Specialized Companies Division was advised to put the matter before the Executive Director, regarding which qualifications it is and comply with. The request made by the Commission to decide such matters has been pending before the Commission for a long time, after providing the appellant with a reasonable opportunity of hearing. \ n
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