AL-HOQANI SECURITIES AND INVESTMENT CORPORATION (PVT.) LTD. versus NATIONAL CLEARING COMPANY OF PAKISTAN LTD.
Section 39 National Clearing Company of Pakistan Regulations, 2003, Regulations 7 4 1, 7 4 2 & 7 4 3 Clearing Houses (Registration and Regulation) Rules, 2005, R12 Civil Procedure Code (v. 1908), OI, R 10 (2 ) A case of discontinuation of the CFSM II contract to suffer disappointment and under such agreement the plaintiff and the member of the stock exchange parties were transferred to the National Clearing Company, Karachi Stock Exchange and the Securities and Exchange Commission of Pakistan. Applicants are requested to apply as Applicants. The defendant, in the case of financing under such agreement and being affected by the final decision, was the facilitating agent between the two participants and not the beneficiary or the beneficiary of security and margin deposits at the Validatio Stock Exchange. It has no share of the stock in the transaction. The exchange provided a window of operation for such transactions, and the terms and conditions of agreement between the participants had to be adhered to. Such a case would be directly affected, even though they resorted to security in the custody of the stock exchange. Applicants' case was that securities in the stock exchange custody would not be enough to link the applicants to compensate for the loss on the market. The reasons for the lawsuit were not altogether strangers as the plaintiff's claim that the reason for the proceedings showed that there was a suitable party to the applicants was included in the petitioners' case.
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