Securities and Exchange Ordinance [XVII of 1969]
Section 24
Since the offence in question is punishable with
imprisonment up to five years there is no illegality in passing an order of
issuance of warrant of arrest against the accused persons.
Shainpukur Holding Ltd vs Security Exchange Commission 50
DLR 291
Section 25—
Use of the word “report” in this section in
contradiction to the word “complaint” used in section 200 of the Code
appears to be significant. The word “report” presupposes enquiry or
investigation and without making enquiry or investigation a report cannot be
prepared and submitted.
Shainpukur Holding Ltd vs Security Exchange Commission 50 DLR 291
Section 25—
The Executive Director having not enquired and submitted any
report in the matter and he having merely presented the extracts of the report
of a duly authorized Committee stating the facts constituting the offence,
there was no requirement of the provisions of section 25 of the Ordinance to
authorize him separately by the SEC and as such there was no violation of the
provisions of that section in taking cognizance.
Shainpukur Holding Ltd vs Security Exchange Commission 50 DLR 291
Sections 25 & 28—
Section 28 of the Ordinance provides that the Commission may
by notification in the official gazette delegate its powers and functions. To
present a report to the Court under section 25 of the Ordinance is not the
function of the Commission.
Shainpukur Holding Ltd vs Security Exchange Commission 50 DLR 291 .