Revocation of Site Ltd''s licence: Appellate bench maintains SECP''s decision

The Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has maintained the decision of the SECP to revoke the licence of Sindh Industrial Trading Estates Limited. The Appellate Bench No III of the SECP has issued an order here on Saturday in the matter of Appeal No 8 of 2019 filed by Sindh Industrial Trading Estates Limited.
This order is passed in Appeal No 8 of 2019 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 (SECP Act) against the order/letter dated 01/02/16 (impugned order/letter) passed by the Joint Registrar of Companies, Corporatisation & Compliance Department (respondent). The brief facts of the case are that the respondent vide the impugned order/letter conveyed the decision of the competent authority whereby Sindh Industrial Trading Estates Limited (Appellant) licence under section 42(4) of the Companies Ordinance, 1984 was revoked. The Appellant has preferred this Appeal after the expiry of 30 days limitation period provided under Section 33 of the SECP Act, therefore, the appeal was accompanied by an application for condonation of delay (the Application).
The Appellate Bench had asked the appellant''s counsel to argue the application because the appeal has been filed with a delay of three years. The counsel argued the application, however, failed to provide any plausible reason of delay. After hearing, the bench has received the appellant''s request vide a letter dated May 27, 2019, to withdraw the instant appeal. In view of the above, the bench hereby dismisses this appeal as withdrawn, the SECP added.