ASGHAR ABBAS GARDEZI versus SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Section 20 (4) (j) Listed Companies (For the Acquisition of Voting Shares and Takeovers) Ordinance (CII of 2002), Sections 29B and 6 of the Constitution of Pakistan, Article 199 Matters relating to substantial acquisition of shares In order to remand the constitutional jurisdiction of the Securities and Exchange Commission of Pakistan, the Scope Consortium of various companies acquired shares of a consortium company, without having to decide its case according to the law itself. A total of 61 61 87 holding shares were held by one company. The same consortium petitioner, who held 0.01% stake in the bank, wrote a letter to the Securities and Exchange Commission of Pakistan (\ Commission \) asking for clarification on whether the acquisition of the shares in question was in Article 6. Attracted to the provisions of Companies (substantial share of voting shares and takeovers) Ordinance, 2002 The Commission responded in its letter stating that, unhappy with the response of the P-Commission, the applicant was not attracted to the acquisition of shares in the queries. It was challenged before the High Court through a petition, a single High Court judge set aside the Commission's response letter, and directed that the decision to transfer or transfer the pending shares will not be finalized. , And the petitioner's authority to appeal the petition filed by the applicant intra-court appeal against the single judge's order of the High Court. The judge will refer the matter back to the Commission. The Division Bench had appointed the Commission in keeping with the remand order and was told that the Securities and Exchange Commission of Pakistan Act 1997 and listed companies (substantial portion)
