KARACHI
PPI
Sindh High Court (SHC) issued notices to Finance Ministry secretary, Securities & Exchange Commission of Pakistan (SECP) chairman and other official respondents to file their respective replies on a petition that questioned the legality of appointment of two SECPs commissioners.
The petitioner, Rana Faizul Hassan, went to the court naming Finance Ministry secretary, SECP chairman, SECPs Insurance Division Commissioner Muhammad Asif Arif and SECPs Specialized Companies Division Commissioner Imtiaz Haider as respondents.
The petitioner submitted in the petition that Asif and Imtiaz were appointed commissioners through a notification issued on August 22, 2011 and they assumed charge of their office on September, 5 2011. Their tenures cease to have effect on September 04, 2014.
He said that there appointments were illegal as legal procedure laid down under SECP Act 1997 was not followed as both commissioners were appointment without following objective criterion. Besides, he said that there were serious allegations levelled against two officers for misusing their authority, adding that their illegal practices had caused serious loss to integrity of the SECP.
The petitioner said that reports regarding their involvement in malpractices had also appeared in the media and they were submitted to the apex court by the policy board of the SECP yet not action was taken against two top officers.
The court was pleaded to direct two commissioners to show under what authority they were discharging their duties and declare that they were not qualified and suitable for post of SECPs commissioners.
After preliminary hearing, the bench headed by Justice Hassan Azhar Rizvi issued notice to respondents to respond on the petition.
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