SYED YAWAR ALI versus COMMISSIONER, SECURITIES MARKET DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 4, 5, 7, 9, 13, 25 and 26 (1) (3) of the Securities and Exchange Commission of Pakistan Act (XLII of 1997), section 33 are beyond the limits of the purchase or acquisition of shares of the Company and the requirements of the law Appeal to penalties for breach of the Commission's appeal Bench bought 40% equity shares of the target company, while under section 5 (4) of the listed companies (substantial acquisition of voting shares and takeaways) Ordinance 2002, a person Could not get more than 25. 1% of a company, either indirectly or indirectly, unless such person makes a public declaration of acquisition of shares under section 7 (1) of the Companies Acquisition Act of 2002 under the Companies Companies Takeover Act 2002 Appoint a member of a bank, financial institution or stock exchange as an offer manager before making a public declaration under section 9 (3) of the Takeover Ordinance; it is necessary to submit it to the Commission. On a copy of a public announcement by the manager and a copy of the proposed offer letter to the target company at its registered office address, on the stock exchange where the company's voting shares were listed and in accordance with Section 13 of the Commission (at this target ) A copy of the offer letter must be sent to the target company. Under section 13 (8) of the Takeover Ordinance 1) of the Takeover Ordinance, the Appellant was also required to issue or make security before making a public declaration, but after the parties were disqualified, all of the Law Commissioner's terms Did not meet Under the order that the appellants failed to comply with several provisions of the Takeover Ordinance and violated the Law Commissioner, however, by adopting a soft view, the Takeover Ordinance was compulsory.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
