319/2023 Suit MAXCO (PVT.) LIMITED (Plaintiff) V/S SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (Defendant)
Sindh High Court
Bench: Hon'ble Mr. Justice Jawad Akbar Sarwana(Author)
Order Date: 23-AUG-23
Justice demands that rights in the physical world and the digital/virtual world should be the same and at par with each other. Yet currently, SECP appears to be maintaining two different sets of standards for qualifications/remarks. It is clear that the Registrar of Companies, SECP is not empowered to publish qualifications/remarks on its dashboard and/or its digital platform for banks relating to the Plaintiff Company that ???Currently Company is under DISPUTE CASES??? as the same is contrary to law and SECP???s regulations framed under the Companies Act, 2017. Consequently, SECP is directed to immediately remove the said remarks from its dashboard/digital portal accessed by banks or other entities and replace such qualifications/remarks with any of the qualifications/remarks that may be assigned to the Plaintiff Company under Regulation 20 of the Companies (Registration Offices) Regulations, 2018.Full judgment text for this case is not yet available on Pakistan Law Reports. Check the official Sindh High Court case law portal for the complete order.
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