Lahore High Court (LHC) stayed the proceedings before a civil court against Security and Exchange Commission of Pakistan (SECP) dismissing its application to be impleaded as a party in suit for declaration of permanent injunction.
The petitioner SECP through Taffazul H Rizvi contended that SECP has the power and responsibility to check the fraudulent and unfair practices relating to non-banking financial sector and ensure adequate protection for the investors.
SECP had conducted an inquiry regarding the suit property measuring 103 kanal and 11 marlas wherein it revealed that a fraud is being committed and the same was usurped through misuse process of law.
SECP was investigating the matter since long applied to become a party but the respondent civil judge dismissed its application. The LHC after hearing the petitioner counsel at length stayed the proceedings before the civil judge and issued notices to the respondents for May 29.
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