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Wednesday, June 29, 2011

Decree issued against SECP for illegal company registration

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http://www.pakistantoday.com.pk/2011/05/decree-issued-against-secp-for-illegal-company-registration/

LAHORE -  A civil court on Saturday issued a decree of Rs 10 million against the Securities and Exchange Commission of Pakistan’s (SECP) Company Registration Office for its illegal and malicious act of granting registration to Qademi Bashir Darul Mahi Private Limited.
The court issued the decree on a civil suit filed by Bashir Darul Mahi, 20-Bahawalpur Road, Lahore through Liaqat Ali. The civil suit had been filed against Qademi Bashir Darul Mahi and the SECP Company Registration Office submitting that the plantiff is a limited company incorporated under the Companies Ordinance 1984 and has been engaged in the business of manufacturing and selling fried fish, dressed fish and other eatable items since 2004.
In 2010, it was noticed by the plantiff that a private limited company stands registered under the name and style of Qademi Bashir Darul Mahi Private Limited since 2009, which incurred heavy loss to the plantiff’s company. The court, while issuing the decree, held that when the shop run by the plantiff’s company is “Asli (original)” and “Purani (old)” how could the defendant SECP grant registration to a newly formed company under the name and style of Qademi Bashir Darul Mahi? If the word Qademi could be used then it could also be used by the plantiff company alone, as it was already in existence. Any company being formed newly could not claim itself to be Qademi.

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