A division bench of High Court of Sindh (SHC) comprising Justice Anwar Zaheer Jamali and Justice Nadeem Azhar Siddiqui on Wednesday adjourned hearing of a constitution petition against Securities and Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange (KSE) till January 18 on request by counsel for respondents.
The bench allowing the request for adjournment by consent of the parties said on next date of hearing the petition would be heard and decided at Katcha Peshi stage due to importance and urgency of the matter.
The bench was hearing a constitution petition filed by Munir Muhammad Ladha and Zafar Siddiq Moti against SECP and KSE Chairmen.
The petitioners who were elected members of KSE impugned a notification issued by the SECP on December 28, 2005 under which Chairman of KSE shall be elected from amongst non-member directors to the Board of KSE.
The petitioners maintained that under impugned notification, SECP had directed KSE to amend its Articles of Association so that non member directors were appointed as opposed to the elected directors.
By separating the voting rights between member and non member directors of KSE board, SECP is effectively and mandatorily taking control of KSE despite equal representation of directors on board. That would be de-enfranchising and stripping the elected members of statutory voting rights to elect a chairman of KSE, the counsel for petitioners maintained.
The bench after hearing the counsel for petitioners issued notice to the respondents while issuing order of restraint till next date of hearing.
Meanwhile, the same division bench of High Court of Sindh (SHC) comprising Justice Anwar Zaheer Jamali and Justice Nadeem Azhar Siddiqui on Wednesday issued notice to SHO Pirabad police and other respondents for January 17 in a constitution petition filed by KESC seeking quashing of the FIR against its officials.
The bench also ordered police not to harass KESC men. The KESC moved the court seeking quashing of FIR registered at PS Pirabad on a complaint filed by the owner of M/s Marble and Marble and Classic Marble Corporation. They had alleged the KESC officials for replacing old meters, which were mis-appropriated by them and hence a criminal offence was made out.
The KESC maintained in the petition that complainant of FIR filed 42 cases against KESC, which were disposed of by different courts including SHC. An amount of rupees 9.1 million was outstanding against the respondent / complainant and to evade payment such tactics were being employed by the respondent and KESC men were being harassed by Pirabad police.
The bench after hearing initial arguments issued the notice to respondents for January 17. The bench also directed the police not to harass the KESC officials.