PAKISTAN ELECTRON LIMITED versus ARIF MIAN, ED (SMD) SECP
Section 86 Companies Share Capital (Changes in Rights and Privileges) Rules, 2000, R5 (1) Listing Regulations of the Lahore Stock Exchange, Regulations 3 and 8 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Appeal of penalties against appellant / companies for listing preference shares with stock exchanges without issuance and violating the rules Applicable to some financial institution investors without issuing rights. Commission approval was sought for the release, which was approved by the commission. Exchange permission to list the preferred shares, that the said companies were allowed and Lahore Stock Exchange Authority has issued a show cause notice because they have violated. Reglns 3 (2) and 8 (3) of the Listings Regulations of the Lahore Stock Exchange Authority also issued a notice of notice to the Lahore Stock Exchange on the filing of companies in violation of the Code of Conduct. The response was not found satisfactory, and after hearing unnecessary orders from the parties, the authorities removed the preferred shares of the companies from the list. The Managing Director of the Lahore Stock Exchange was fined Rs 1 lakh and the appellant's accuracy was banned by the Commission, which in fact approved the listing of securities on the Lahore Stock Exchange, by approving the issuance of securities, because, It was clear from the contents of the letter that approval was given for the issuance of preferred shares only and that it had filed securities on the Lahore Stock Exchange.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
