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Suit Against SECP
07-24-2011, 02:11 AM
Post: #1
Suit Against SECP
Aoa all members
specially AWAIS BHAI

Question;-

Can we file suit for declaration permanent injunction or any Civil suit against SECP?

if NO thn why?
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07-25-2011, 07:04 PM
Post: #2
 
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
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07-25-2011, 10:47 PM
Post: #3
 
aoa sir (student at law)

sir the matter is that one person applied for the name availability and secp reserved the same for 90 days
but on the last date of that period some other person filled incorporation papers attaching copy of said letter.

the person under whose name the name was reserved make the statment b4 registrar that i ve nt filled that papers these papers must b rejected.

but REGISTRAR is nt making any order against or in favour

for 30 days


its is important to mention here that third party also applied for the said name and secp has reserved the same for that third party

for next thirty days?

now third party is me and secp official are nt entertaining my incorporation papers

now tell me what remdies are available for me in that case?
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07-25-2011, 11:27 PM
Post: #4
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by skhkhurram</i>
<br />aoa sir (student at law)

sir the matter is that one person applied for the name availability and secp reserved the same for 90 days
but on the last date of that period some other person filled incorporation papers attaching copy of said letter.

the person under whose name the name was reserved make the statment b4 registrar that i ve nt filled that papers these papers must b rejected.

but REGISTRAR is nt making any order against or in favour

for 30 days


its is important to mention here that third party also applied for the said name and secp has reserved the same for that third party

for next thirty days?

now third party is me and secp official are nt entertaining my incorporation papers

now tell me what remdies are available for me in that case?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

To whom name reservation letter was issued first? Rights of the person who is first in time shall prevail. He will remain entitled till the end of 90th day. IN case of extension or renewal, he will again be exclusively entitled between date of renewal to the end of period in which SEC committed that it will keep the name reserved.




In my opinion it is better to file writ and apply for urgent hearing. Availability of name issued to you and the other party, their respective dates, should be sufficient for the court to decide the matter. I hope HC will entertain the matter in writ petition.
Your argument in favour of entertaining writ/constitutional petition would be that s.491 CO, 1984 bars suit so you have come to the court in writ jurisdiction.

However, if it does not, then you may file suit with injunction application.
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07-26-2011, 09:18 PM
Post: #5
 
AoA
Bhai FIRSTLY thanks for your help.

secondly one thing is more the last day of name reservation was on sunday and they have filled the documents on monday which was the 91 day and the owner also denied the filling i think my case has stong Grounds?
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