ARIF HABIB CORPORATION LIMITED (FORMERLY, ARIF HABIB SECURITIES LIMITED) versus DIRECTOR (SMD)
Section 57 and 62 Securities and Exchange Ordinance (XVII of 1969), Section 18A & 22 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 Constitution of Pakistan, Arts 23 and 24 Subscription Shares to the Public Fake petitions for the purchase of shares and shares Failure to deposit the seized subscription money, the shares of the appellant corporation were presented to the public for subscription, after the initial public offering, the appellant filed 228 cases of which 457 The applications were considered multiple and / or in violation of Section 18A. Appellant was advised of the Securities and Exchange Ordinance, 1969. 6 336 Application of the confiscated membership of the petition to the bank of the Commission; to return the membership amount of the 2 applications; Of the total amount, only Rs 388,500 was deposited and 299 petitions failed to submit Rs 3,139,500 within the stipulated period, which is equivalent to non-compliance of its orders. Commission Section 18A of the Securities and Exchange Ordinance, 1969, authorized the Commission to seize money in the event of a breach of its provisions, volatility in the market entrusted with the commission's authority to seize the amount requested It was to ensure that any applicant was found guilty of making fictitious or multiple petitions under section 18A of Securities and Exchange Ordinance, 1969, appropriate restriction in the public interest and Article 23 of the Constitution. 24 (1) (2) was not infringed upon the fundamental right to acquisition, made by Arts 23 and 24 (1) (2) of the Constitution. To the aperture
Related judgments — Securities and Exchange Commission of Pakistan, 2013
