Case ID |
26711c87-9ec6-4061-abd9-d91473406724 |
Body |
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Case Number |
Appeal No. 8 of 2019 |
Decision Date |
Jun 18, 2019 |
Hearing Date |
May 28, 2019 |
Decision |
The appeal was dismissed as withdrawn after the appellant requested to withdraw the appeal. The Commission noted that the appeal was filed after the expiry of the thirty days limitation period provided under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997. Furthermore, the application for condonation of delay did not provide any plausible reason for the delay. The appellate bench, after hearing the matter, received the request from the appellant to withdraw the appeal, leading to its dismissal. |
Summary |
In the case of Appeal No. 8 of 2019, the Securities and Exchange Commission of Pakistan addressed the appeal filed by Sindh Industrial Trading Estates Limited regarding the revocation of its license under the Companies Ordinance, 1984. The appeal was filed after the statutory limitation period, which raised concerns regarding its admissibility. The Commission highlighted the importance of adhering to the timelines set forth in the law, which aim to ensure prompt resolution of disputes. The counsel for the appellant failed to present a convincing argument for the delay in filing the appeal. Ultimately, the appellant's request to withdraw the appeal was accepted, and the case was dismissed as withdrawn. This decision emphasizes the Commission's commitment to procedural integrity and the necessity for timely action by parties involved in regulatory matters. |
Court |
Securities and Exchange Commission of Pakistan
|
Entities Involved |
Securities and Exchange Commission of Pakistan,
Sindh Industrial Trading Estates Limited,
Joint Registrar of Companies
|
Judges |
Farrukh H. Sabzwari,
Aamir Khan
|
Lawyers |
Rahat Aziz
|
Petitioners |
Sindh Industrial Trading Estates Limited
|
Respondents |
Joint Registrar of Companies,
Mubasher Saeed,
Ms. Saila Jamshaid
|
Citations |
2019 SLD 2816,
2019 CLD 1358
|
Other Citations |
Not available
|
Laws Involved |
Securities and Exchange Commission of Pakistan Act, 1997,
Companies Ordinance, 1984
|
Sections |
33,
42,
42(4)
|