07-25-2011, 07:04 PM
Walaikum us Salam,
Subject to certain conditions, yes suit may be filed against SECP. An example of this is, Crescent Star Insurance Company v SECP [2011 CLD 173] This suit was decided against SECP.
However, s.491 of the Companies Ordinance, is also important. It bars all suits against SECP Provided that the act is done in GOOD FAITH. It does not bar any suit where the act is mala fide or patently without jurisdiction or illegal.
But I could not find any authority under this section, reason therefor, is that people usually file writ petition before the High Court instead of filing suit, when SECP is doing something illegal or in excess of power or against the fundamental rights of people
Where remedy is provided by the Companies Ordinance, 1984 or SECP Act, 1997 etc. then you will adopt that remedial course instead of filing suit or constitutional/writ petition
Subject to certain conditions, yes suit may be filed against SECP. An example of this is, Crescent Star Insurance Company v SECP [2011 CLD 173] This suit was decided against SECP.
However, s.491 of the Companies Ordinance, is also important. It bars all suits against SECP Provided that the act is done in GOOD FAITH. It does not bar any suit where the act is mala fide or patently without jurisdiction or illegal.
But I could not find any authority under this section, reason therefor, is that people usually file writ petition before the High Court instead of filing suit, when SECP is doing something illegal or in excess of power or against the fundamental rights of people
Where remedy is provided by the Companies Ordinance, 1984 or SECP Act, 1997 etc. then you will adopt that remedial course instead of filing suit or constitutional/writ petition
