COMMISSIONER (SMD) MAHBOOB ELAHI, CHIEF EXECUTIVE versus COMMISSIONER (CLD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Ordinance (CIII of 2002), section 5, listed companies (substantial acquisition of voting shares and take-overs), increased shareholding of company directors of Sections 5, 6, 25 and 26. In the event that the company's capital, the chief executive, in the circumstances, the holding of the voting shares in the companies exceeded the threshold of 25%, which is set forth in section 5 of the Companies List (substantial share of voting shares and takeovers). The Company and the Stock Exchange required disclosure on which the voting shares of the Company were listed. This increase in shareholding is a necessary compliance with Article 6 of the Ordinance Rationale, as stated in the reading of the Ordinance's other clauses. Was to provide for the festival. And all investors should be treated equally, as well as for the sharing of voting shares and takeaways, in a transparent and efficient system for the investors of the companies whose share or control was being acquired. Opportunities for disposal of shareholders were provided, where they did not trust the competence, with the acquisition of controlling voting by one or more persons. Or its damages had no basis for the ordinance. The Company's Chief Executive was compelled to comply with the terms of Section 5 of the Ordinance, but failed to comply with the aforementioned requirements. The Company acted in concert. Had acquired voting shares in the company, thus establishing that the company's shareholding increased from 26% to 26% to 48 19 19% and consequently to the increase in holding of three directors, the company Ordinance thing
Related judgments — Securities and Exchange Commission of Pakistan, 2013
