The Lahore High Court (LHC) has suspended an order issued by the Securities and Exchange Commission of Pakistan (SECP) of halting transfer of Chakwal Textile’s shares, reported 24NewsHD TV channel.
LHC’s Justice Muhammad Sajid Mahmood Sethi on Friday heard the petition filed by Kamran Rashid challenging the jurisdiction of the SECP.
The LHC judge issued notices to all respondents including SECP chairman and sought replies on the next hearing.
Shahid Ikram Siddiqui Advocate and Barrister Sajid Ikram represented the applicant in the court.
Shahid Ikram Siddiqui Advocate took the stand that no person can be stopped from doing business. Issuing an order to suspend one's business is against fundamental human rights, he added.
The lawyers representing the SECP raised objections to the admissibility of the petition, saying the SECP issued the order in accordance with the law and the jurisdiction, insisting the petition was not admissible.
Shahid Ikram Siddiqui Advocate responded, saying the SECP has no jurisdiction to order halt to transfer of shares of anyone.
He requested the court to declare the SECP order as illegal and invalid.
The SECP lawyers could not satisfy the court with their arguments.
After hearing all the arguments, the LHC judge suspended the SECP order and adjourned the hearing.