| Case ID |
030afd22-1252-470b-bea2-7af378cbf3c8 |
| Body |
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| Case Number |
D-2741 of 2002 |
| Decision Date |
Apr 25, 2002 |
| Hearing Date |
Apr 11, 2002 |
| Decision |
The appeal was dismissed as the appellant's claims were found to lack merit. The court upheld the impugned order directing the appellant to tender Rs.2,260,000 to the Securities and Exchange Commission of Pakistan as a tenderable gain. The court found that the appellant had not proven that the purchase of shares was made in good faith and in satisfaction of a previously contracted debt, and highlighted the mala fides in their actions due to the discrepancy between the market value of the shares and the prices paid by the appellant. |
| Summary |
This case revolves around the conduct of Tariq Baig, the Chief Executive of Tariq Glass Industries Ltd., who was ordered to pay a tenderable gain due to his transactions involving shares of the company. The Securities and Exchange Commission of Pakistan investigated the purchases and sales of shares and found that the appellant's actions were not in compliance with the Companies Ordinance, 1984. The court emphasized the importance of adhering to fiduciary responsibilities and the legal obligations under the Securities and Exchange Commission of Pakistan Act. The decision reaffirms the need for transparency and accountability in corporate dealings, particularly in transactions involving insider information. The outcome underscores the legal framework's role in regulating corporate governance and protecting stakeholder interests. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Securities and Exchange Commission of Pakistan,
Pak Libya Holding Company,
Tariq Glass Industries Ltd.
|
| Judges |
N.K. Shahani,
Abdul Rehman Qureshi
|
| Lawyers |
Umar Mahmud Kasuri,
Mujahid Eshai,
Muhammad Ayub Qureshi,
Muhammad Farooq
|
| Petitioners |
Tariq Baig,
Tariq Glass Industries Ltd.
|
| Respondents |
Executive Director (SM), Islamabad
|
| Citations |
2002 SLD 721,
2002 CLD 1346
|
| Other Citations |
Not available
|
| Laws Involved |
Companies Ordinance, 1984,
Securities and Exchange Commission of Pakistan Act, (XLII of 1997)
|
| Sections |
224,
222,
33
|