ROYAL MANAGEMENT SERVICES (PVT.) LTD. versus THE CHAIRMAN SECP, ISLAMABAD
Section 19 (1) (b) Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 5 (5) Securities and Exchange Commission (Amendment) Act (XVIII of 2013), Section 4 Constitution of Pakistan, Article 185 (3). Moderba management companies (s) investor interest, protection of misuse / misuse of Moderbus by companies when the Securities and Exchange Commission of Pakistan was not properly constituted, as it had less than the board's prescribed minimum At least five or at least seven members were not hired for the benefit of the investors and thus could not be fully managed by the companies handling them. Must work. The benefit to investors when Modarbus was being misused / misused was what they were managing, or in other words, the interest of investors as it was being compromised, the question of forming the board eliminated the blurring, Securities & The Exchange Commission (Amendment) Act, 2013 has a savings and endorsement clause to cover the defects contained in the constitution of the Board, and the clause was not exposed to the High. The court or the Supreme Court, even if the board was incomplete for argument, did not change the fact that Registrar Moderbass passed the order, that the companies involved were not operating according to the Moderbus law, therefore, the Moderba management There was no basis to object to their removal and substitution from any other company; the application for leave to appeal by the companies was dismissed and the leave was refused.
