281/2013 Suit SULEMAN LALANI (Plaintiff) V/S AL-ABBASS SUGAR MILLS LTD. & OTHERS (Defendant)

Sindh High CourtCompany Law2013

Bench: Hon'ble Mr. Justice Nazar Akbar

281/2013 Suit SULEMAN LALANI (Plaintiff) V/S AL-ABBASS SUGAR MILLS LTD. & OTHERS (Defendant) Sindh High Court

Bench: Hon'ble Mr. Justice Nazar Akbar Order Date: 24-SEP-13

Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----Ss. 3 & 29---Companies Ordinance (XLVII of 1984), S.263---Powers of court and Security Exchange Commission to interfere in internal management of a corporate entity---Scope---Court would not interfere in internal management of companies, if they were working within parameters of law--- Commission could conduct investigation of affairs of company in exercise of its suo motu powers under S. 29 of Securities and Exchange Commission of Pakistan Act, 1997 or on application by members of company under S. 263 of Companies Ordinance, 1984---Failure of Commission to exercise its powers by invoking relevant enabling provisions to protect interest of minority shareholders in a company would frustrate very basis of its establishment.

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