Section 263 and 152 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), section 33 have sought the appeal of the applicants / appellants in the application filed under section 263 of the Commission's Inquiry Commission Ordinance, 1984. ? That the Company's shares were transferred from the Appellant to the Defendant fraudulently and in violation of the Articles of Association and it is requested that the Executive Director of the Commission, by order of inquiry, order an inquiry through an anonymous order on two grounds. To be excluded First, that the appellant did not have a 10% stake in the company and that under Section 263 of the Companies Ordinance, 1984, a member with less than one-tenth of the total voting power to apply for the inquiry. Was not entitled The other thing is that the dispute between the shareholding parties and that the applicants can get relief under Section 152 of the Companies Ordinance, the Appellant stated that the applicants have more than 10% stake, disclosed Reliance was placed on the authority letter filed by the appellant with the above. The complainant had the authority to take action against the respondents, but this authority letter was not taken into account, saying, the authority letter should have been taken into account by the executive director, registration, in the circumstances, justification for admitting it Was not enough for the applicants. Violation of the Articles Association by applying for an inquiry has led to the cancellation of the transfer agreement in the light of objections by more than 27% of the shareholders in particular.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
