Al Wakeelo
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Initializing Secure Chambers
Your Digital Lawyer, Always on Duty
Initializing Secure Chambers
Petitioner: RASHID ABDULLAH, CHAIRMAN, SEARLE PAKISTAN LIMITED and 8 others VS Respondent: EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Court Name: Securities and Exchange Commission of Pakistan Judge(s): Fida Hussain Samoo, Zafar Abdullah Title:RASHID ABDULLAH, CHAIRMAN, SEARLE PAKISTAN LIMITED and 8 others vs
EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Case No.: Appeal No. 40 of 2007 Date of Judgment:2015-01-15 Reported As: 2016 CLD 1399 Result: Appeal dismissed Judgment ORDER 1. This order is in Revision No, 40 of 2007 filed under section 477 of the Companies Ordinance, 1984 (the "Ordinance") against the order dated 24/09/07 (the "Impugned Order") passed by the Respondent. We have been provided letter/settlement dated 19/05/10 by the Enforcement department of the Securities and Exchange Commission of Pakistan (the "Commission") from Searle Pakistan Limited ("Appellant No,9"), wherein, It is stated in paragraph 2 that the Revision application titled Rashid Abdullah and others v. Executive Director (Enforcement), pending before the Appellate Bench of SECP has been withdrawn to allow a settlement to take place "...On the terms and conditions agreed by and between the parties but without prejudice to our legal rights In case of any future dispute.. ." ' In view of the above that the parties have agreed to settle the matter and the Revision application has been withdrawn in the subject matter, the revision application is dismissed.