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MIAN MUHAMMAD ILYAS MEHRAJ versus COMMISSIONER (SECURITIES MARKET DIVISION)

Sections 4, 21 and 24 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), obtaining company shares in violation of section 33 companies (substantial acquisition, voting shares and acquisitions) Ordinance, 2002 Inquiry Committee Complaint Report An appeal date was set for holding the annual general meeting, which included the selection of company directors on the agenda, but the day before the meeting, the company's board of directors said the annual general meeting was postponed. The majority of the shareholders requested the postponement of the Annual General Meeting as the five nominated candidates. Having indicated its intention to participate in the selection of directors, the listed companies (substantial share of voting shares and takeovers) had acquired 39% of the company's shares in violation of the ordinance, the administration commissioned against the alleged acquisition of 39 Filed two complaints in the Securities Market Division of. In response to the complaints, shares of the Company Commission, the APP Inquiry Committee identified whether the Inquiry Committee dismissed the complainant / appellant's allegations and violated the law after submitting the inquiry. The inquiry committee has indicated that the respondents did not acquire more than 10% of the company's shares and there was no infringement. The Takeover Law Commissioner (Securities Market Division), using the powers of the Commission under the takeover law, rejects the objections raised by the appellants and the appellant's request for a personal hearing was also rejected, The appellants alleged that they did not provide the inquiry report and Sim family advocate from Lasbela lawyer