2002 PLP 1390 (CLD)
NAFEES A. NAJMI, AIR VICE‑MARSHAL (RETD.) EX‑NOMINEE DIRECTOR OF SHAHEEN FOUNDATION and another‑‑‑Appellants Versus EXECUTIVE DIRECTOR (COMPANY LAW) SEC‑‑‑Respondent
| Citation | 2002 PLP 1390 (CLD) |
| Forum / Court | Appellate Bench Security and Exchange Commission |
| Bench Members | Abdul Rehman Qureshi, Commissioner (E&M) and Shahid Ghaffar, Commissioner (S.M.) |
| Parties | NAFEES A. NAJMI, AIR VICE‑MARSHAL (RETD.) EX‑NOMINEE DIRECTOR OF SHAHEEN FOUNDATION and another‑‑‑Appellants Versus EXECUTIVE DIRECTOR (COMPANY LAW) SEC‑‑‑Respondent |
| Primary Law | Companies Ordinance (XLVIl of 1984)‑‑‑ |
Q1: What are the key laws and sections cited in 2002 PLP 1390 (CLD)?
This judgment primarily cites: Companies Ordinance (XLVIl of 1984)‑‑‑ as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2002 PLP 1390 (CLD)?
The case was heard and decided by the Appellate Bench Security and Exchange Commission bench comprising: Abdul Rehman Qureshi, Commissioner (E&M) and Shahid Ghaffar, Commissioner (S.M.).
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2002 PLP 1390 (CLD) (NAFEES A. NAJMI, AIR VICE‑MARSHAL (RETD.) EX‑NOMINEE DIRECTOR OF SHAHEEN FOUNDATION and another‑‑‑Appellants Versus EXECUTIVE DIRECTOR (COMPANY LAW) SEC‑‑‑Respondent). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- F.B. Sial, Senior Deputy Director, Corporate Affairs, Shaheen Foundation, Islamabad for Appellant.
- Atta Muhammad Khan, Director (E&M) and Ahmed Muzammil, Joint Registrar of Companies for Respondent.
Headnotes / Summary
‑‑‑‑S.497‑‑‑Security and Exchange Commission of Pakistan Act (XLII of 1997), S.33‑‑‑Appeal before Appellate, Bench of the Commission‑‑‑Imposition of penalty for improper use of words "(Pvt.) Limited"‑ ‑‑Appellants claimed not to have any concern with the company‑‑‑Request of appellants for exclusion of their names from list of those on whom penalty had been imposed was genuine as there was nothing on record proving that they had any hand in unlawful use of the words "Private Limited" with the name of company, which was not incorporated by Competent Authority under Companies Ordinance, 1984‑‑‑Appellate Bench of the Commission modified the order of Executive Director (Company Law) to the extent of exonerating the appellants from penalty imposed on promoters of the company.
Judgment & Decree
These are two appeals filed by Mr. Nafees A. Najmi, Air Vice‑Marshal (Retd.) Shaheen Foundation and Mr. Aftab Mustafa Khan, Ex‑nominee Directors of Shaheen Foundation against an order, dated 22‑5‑2001 of the Executive Director (Company Law), SEC. Mr. F. B. Sial, Senior Deputy Director, Shaheen Foundation appeared on behalf of appellants.
2. The brief facts of the case are that the Registrar of Companies imposed a penalty of Rs.5,000 on ten persons including the appellants (on a complaint of Shaheen Foundation) for using the words "(Pvt.) Limited" as part of the name of FM Hundred without incorporation of the company in contravention of section 497 of the Companies Ordinance, 1984.
3. The said order was challenged by Mr. F.B. Sial, Senior Deputy Director of Shaheen Foundation with the request that names of Mr. Aftab Ahmed Khan and Mr. Nafees A. Najmi be excluded from the name of persons on whom penalty had been imposed because they have no concern with F.M. Hundred. Since these two gentlemen did not file the said petition and, therefore, the appeal was held not to be maintainable and so was dismissed vide order, dated 22‑11‑2001. Subsequently, the appellants filed a fresh appeal which came up for hearing on 12‑4‑2002.
4. We have considered the present appeals of these two persons and come to the conclusion that request of the abovementioned gentlemen for exclusion of their names from list of those on whom penalty has been imposed is genuine because there is nothing on record proving that they had any hand in unlawful use of the words "private limited" with the name of FM Hundred which was not granted registration by the competent Authority under the Companies Ordinance, 1984.
5. The order of the Executive Director (Company Law), dated 22‑5‑2001 is modified only to the extent of exonerating the appellants from the penalty imposed on the promoters of the abovementioned company. S.A.K./9/SEC Order accordingly.