| Case ID |
17e91d3e-ddb3-4a4e-8838-97304918547f |
| Body |
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| Case Number |
|
| Decision Date |
Jun 22, 2023 |
| Hearing Date |
Jun 22, 2023 |
| Decision |
The Review Application No. 01 of 2019 filed by Peoples Steel Mills Limited has been dismissed. The Bench identified a typographical error in the original order, rectifying the term 'Appellant' to 'Respondent'. After thoroughly reviewing the arguments presented by both parties, the Bench concluded that the initial decision upheld the penalty imposed under Rule 25 of the Public Sector Companies (Corporate Governance) Rules, 2013 and Section 508 of the Companies Ordinance, 2016. Consequently, the application to amend the Bench's observation was denied, and no costs were imposed. |
| Summary |
In the landmark case of Securities and Exchange Commission of Pakistan vs. Peoples Steel Mills Limited, cited as 2023 SLD 2180 = 2023 CLD 1480, the Securities and Exchange Commission of Pakistan filed Review Application No. 1 of 2019 against Appeal No. 5 of 2017. The case was adjudicated on June 22, 2023, before judges Akif Saeed and Abdul Rehman Warraich. Represented by advocate Muhammad Jawwad Shekha, the petitioner sought to overturn a previous decision that imposed a penalty of Rs. 100,000 under the Public Sector Companies (Corporate Governance) Rules, 2013, specifically Section 25, and the Companies Ordinance, 2016, Section 508. The appellant argued that a typographical error in the original order, where 'Respondent' was mistakenly written as 'Appellant,' could tarnish the company's integrity. However, the Bench rectified this error, deeming 'Appellant' as 'Respondent,' and emphasized that the arguments presented were thoroughly examined, thereby dismissing the review application. This case underscores the stringent enforcement of corporate governance regulations in Pakistan and highlights the judiciary's commitment to maintaining the integrity of legal proceedings. Trending keywords such as "corporate governance Pakistan", "Securities and Exchange Commission legal case", and "Peoples Steel Mills litigation" are pivotal in understanding the case's significance in the realm of corporate law and regulatory compliance. The decision reaffirms the authority of the Securities and Exchange Commission in regulating public sector companies and serves as a precedent for future litigations involving corporate penalties and governance issues. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Securities and Exchange Commission of Pakistan,
Peoples Steel Mills Limited
|
| Judges |
Akif Saeed,
Abdul Rehman Warraich
|
| Lawyers |
Muhammad Jawwad Shekha
|
| Petitioners |
Peoples Steel Mills Limited
|
| Respondents |
Securities and Exchange Commission of Pakistan
|
| Citations |
2023 SLD 2180,
2023 CLD 1480
|
| Other Citations |
Not available
|
| Laws Involved |
Public Sector Companies (Corporate Governance) Rules, 2013,
Companies Ordinance, 2016
|
| Sections |
25,
508
|