name='verify-v1'/>"> MediaTrial: June 26, 2011

Wednesday, June 29, 2011

Decree issued against SECP for illegal company registration

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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.

SECP says no violation of SC ruling

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Courtesy by: The News

June 25,2011

LAHORE: The Securities and Exchange Commission of Pakistan (SECP) has neither flouted nor ignored any ruling of the honorable Supreme Court on the appointment of contract employees. The facts of the case are as under: The SECP is an autonomous ‘body corporate’ established under the 1997 Securities and Exchange Commission of Pakistan Act (SECP Act) and it is not an attached department of any Ministry. Mr Abdul Rehman Qureshi, an employee/member of the erstwhile Corporate Law Authority (CLA) was appointed as SECP Commissioner with effect from January 1, 1999 upon the establishment of the SECP under the SECP Act. He completed his two terms as Commissioner on December 31, 2004. He was also assigned acting charge of Chairman, SECP for a period of nine months. Mr Qureshi being a regular employee of the SECP, he continued his service as Advisor till the date of his superannuation i.e., July 6, 2009. He was appointed Advisor by the SECP on contract starting July 7, 2009 for a period of two years as per provisions of the SECP Act and the SECP service manual. Meanwhile, he was also assigned the additional charge of Secretary to the Commission and also its Policy Board as no substitute was available. Mr Qureshi possesses a vast experience and expertise in the administration of corporate laws and is providing valuable services to the SECP in his capacity as Advisor. The SECP is empowered to appoint any Advisor in terms of the provisions of Section 9 of the SECP Act and as per the policy guidelines prepared by it in consultation with the Securities and Exchange Policy Board and there has been no violation of the laid down procedure.

Jawwad Rizvi adds: In the story carried by The News it was clearly mentioned that the SECP spokesperson said that the Commission was not reappointing Abdul Rahman Qureshi as an Advisor but the SECP had moved summary to extend his employment for one year under Section 8 and 9 of the Security and Exchange Commission of Pakistan Act, 1997. “The move was in accordance the regulation and decision of the SECP Board”, stated by the SECP spokesman person which was already mentioned in story carried by The News. Infact the SECP validated the question raise by The News in its story regarding the reappointment of Advisor. The SECP also validated the point raised by The News in which his multiple time hiring was made.


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 Courtesy by:

Friday, March 25, 2011

Pakistan: SECP Registers US Intelligence & Security Agency Garda World Illegally

South Asian News Agency

ISLAMABAD, (SANA): It is revealed in a secret report that Security and Exchange Commission of Pakistan (SECP) has registered the notorious US intelligence and security agency Garda World (GW) working in Iraq, Afghanistan and other countries of the world, as a business consultancy firm.
According to the sources the agency after paying millions of rupees as bribery through a law firm of Islamabad secured the membership of SECP.

GW is working in the field of security in Pakistan but the work of said agency is also termed dangerous for the country like Black Water.

It is also revealed that after the information of deporting the Country Manager of the agency Anthoni Gerald Maganti, he is still present in Pakistan.

When Joint Secretary (Security) Shabbir Ahmed, Deputy Secretary (Security) Abdul Razzaq and Media Director Nawazish Ali Asim of the Interior Ministry were contacted for their take to know about the activities and registration, they did not attend the call of “SANA” and every time the assistant of deputy secretary informed that DS Abdul Razzaq was not present in the office; meanwhile the Spokesperson of the SECP Shakil Chauhdry confirmed to “SANA” that the said agency is registered with the SECP as a consultancy firm, adding that all the prerequisites were fulfilled prior to the registration of the firm.
He further stated that there is no need of obtaining the security clearance certificate from the Interior Ministry for issuing the registration to the said firm.

He further said that security clearance from the interior ministry is only required for the firms, which are providing security services, adding that the said firm is registered on the names of Mehwish Malik and M. Raza Amir.

South Asian News Agency (SANA) has obtained a copy of the secret documents, which were presented to the security officials responsible for dealing with national security of the country, it is said that “Guarda World” is an intelligence and security agency, which has offices in US and Britain; meanwhile the said agency is working in Iraq, Afghanistan and other countries of the world.

According to the report the said agency had secured the registration through Khosa Law Firm, which has its office in F-8 Markaz, and (GW) secured the registration of SECP with the name of Guarda World (GW) Pakistan Private Limited (Universal Corporate Registration Number 0067218) on 11th of August 2008 illegally.

For securing the registration the agency paid two million rupees to this law firm and secured the registration of SECP with the undue support of concerned officers of the SECP.

According to the report the Guarda World did not contact Interior Ministry or any other security agency of Pakistan for securing the clearance certificate for obtaining the registration of SECP.

On the other hand, the owner of the said agency is MD Pete Dordal is a former CIA officer and country managers who are running the said company in Pakistan are citizens of US and Britain.

According to the report Anthoni Gerald Maganti and Daniel Methew are running the company in Pakistan and these persons are working on business visas instead of work permit, which has been declared illegal.

According to the report the visa of Country Manager Anthoni Gerald Maganti was expired on 25th March 2010, but he is still present in Islamabad illegally.
According to the reports he was deported by Pakistani authorities but reliable sources said that he is still present in Pakistan and moving freely.

It is worth mentioning here that some private TV channels had reported that Country Manager Anthoni Gerald Maganti was deported for the country but according to the report he is still present in Islamabad.

It is also said in the report that if the said agency is a business agency than why it had not shown its business and how much tax it has paid in Pakistan? Meanwhile the report suggests that the agency has paid no single penny in form of tax to Pakistani authorities.

Federal Board of Revenue (FBR) was also informed in written about the situation that the GW Pakistan, which has its office at House No- 12, St. 18 of F-7/2 Sector, the FBR kept mum over the issue and not taken any action against the agency.

It is said in the report that Pakistan Army retired majors, Raja Shehar Yar and Fayyaz are working with (GW); meanwhile another source disclosed that the said retired majors of army were sent home after court martial.

According to the sources the said persons are with the agency with the help and support of some of the relatives who are part of the government and with the support of these persons the Country Manager Anthoni Gerald Maganti is present in Pakistan illegally.

The suspicious activities of the agency are termed against the sovereignty of the country and the activities of the agency are observed in Defense area of Peshawar; instead of the fact that the agency has no business there.

According to the report the agency has continuing its commercial activities in residential area of F-7/2 Sector for which no NOC from any institution of Pakistan has been obtained.

It is also disclosed that more than 10 business clients are attached with the GW, which include National Democratic Institute F-7 Islamabad, Deloitte FES Sector F-6 Islamabad, S Chambers I-9 Industrial Area, DFID through British High Commission Islamabad, Rules Rice International, BAE, VFS Global G-9 Islamabad, Security 2000 Karachi, Radical Middle Visa International and other business and NGOs included in the list.

According to the report the accord which is singed for obtaining employment of agency, the employees would be bound to follow the rules of England and Wales.

The foreign agency in 2009 had paid the amount of 80 million to its local partner Security 2000 Karachi; meanwhile the agency had paid this money for provision of security guards to GW customers during their Pakistani tour.

According to the report the said agency is working in the field of security and provides security to the former officers of Britain and US during their Pakistani visits.

It is also said in the report that in January and February 2010 the security training for DFID was held in British High Commission in which the participants were asked to get photographs of Islamabad Airport, Margallah Road, Kashmir Highway, Islamabad Highway and Constitution Avenue; meanwhile later on these photographs were obtained

A letter from SECP's employees - Stolen before Existenance!

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We the employees of Securities and Exchange Commission of Pakistan with great sorrow and regret want to point out the gross illegal and dishonest actions of Mr. Razi Ur Rehman, Chairman Securities and ExchangeCommission of Pakistan and his close companions. We request you all in the name of justice and National interests to arrange thorough investigation against them. We making witness to the God assure you that all the under-mentioned allegations are hundred percent correct and based on facts and realities and there is no
personal prejudice in submitting this complaint. However, we are hiding our identity because of expected revengeful actions by Mr. Razi Ur Rehman against us as he works like a gangster and can do anything whether it is illegal or un-ethical. Although you will find a long list of his financial crimes, favoritism, dishonesty
and mal-practices if investigation will be held, but some of those are as under:
A) Mr. Razi Ur Rehman is distributing millions of rupees / dollars of public money among his favorites and illegal business partners lavishly with both hands in the form of Advertisements in newspapers, Consultancy fee and fee to lawyers / Financial Experts etc because he is getting kick backs / illegal shares from them in return. It is known by everyone that he is also getting kick backs from all the jobs of purchases, renovations and consultancies etc.
B) Mr. Razi Ur Rahman got approved the Promotion Procedure from the Commission and did not get it approved from the SEC Policy Board, which was mandatory as per Securities and Exchange Commission Act. He also continued amendments in the procedure, in order to accommodate his blue eyed employees for promotions. He implemented the illegal Promotion Procedure in haste and promoted his blue eyed officers without taking into account the generally recognized principle of “Seniority cum fitness”. He promoted his favorites who were very junior in seniority in the ranks and also paid a full gross salary as promotion bonus illegally. Although there is no provision of Promotion Bonus in the Rules and Laws of SECP. Similarly he has also promoted to junior employees without applying the principle of “seniority-cum- fitness” after making amendments in their Promotion Procedure in haste and without approval of these amendments from the SEC Policy Board, giving it effect of back date (June 2007) when Dr. Salman Shah was not Chairman of the SEC Policy Board, but circulated on July 19, 2007,
which should be taken into account by the Chairman and members of the Policy Board. C) The salaries of all the junior employees have been raised at the rate of 3 increments each from August 2007, following the announcement of the Government in the Annual Budgets for the years 2006-07 and 2007-08, but no raise has been given to the regular officers of the SECP discriminately although the price hike has affected to everyone equally. The reason is that Mr. Razi Ur Rehman only likes to those officers who are working on contract basis and who easily bend to obey his all illegal orders under fear of termination from service without showing any reason at any time as per terms and conditions of their contracts. So the salaries of regular officers of SECP should also be increased and the contract officers be provided legal protection so that they could not be black-mailed to obey his illegal orders. D) MR. ASHRAF TIWANA (one of his favorites) was working as Joint Director, who had been declared disqualified during the interview for the post of Director (Securities Market Division of SECP) by the Selection Committee some months back. However, in order to promote him the post of Registrar Appellate Bench was upgraded to the level of Director and he was appointed as Director/Registrar on double of his previous salary from the back date and also paid 3 gross salaries as honorarium. This created a lot of disappointment among the other officers who were senior to him. E) Mr. Razi also appointed MR. MUBASHAR HASSAN (Right hand of Corrupt Mansur Ahsan Executive Director HR) as Deputy Director after only one year his experience as Assistant Director. Surprisingly he was getting only Rs. 11,000/- per month around one year before when he was working as Junior Executive and now being paid Rs. 70,000/- per month now with a Cultus Car. He is simply an MBA from a 3rd Tier Muhammad Ali Jinnah University. On the other side those Assistant Directors (Post- Graduates from top class Universities) who were appointed in SECP after a competitive examination under the FAST TRACK Scheme are still waiting for their promotions since many years. F) Similarly Mr. Razi is also employing his favourites illegally without following the legal procedure and formalities on very high salaries some of the examples are as under: i) MR. MANSUR AHSAN Executive Director (Rs. 3,40,000 per month salary, whose deficiency of qualification has also been waived off at the time of appointment by the Chairman SECP (although he was not legally authorized to waive it). Mr. Mansur joined SECP on 01-09-2006 without any appointment order and his formalities were completed on 18-09-2006 giving effect from 01-09-2006. His one Degree is also fake which has not been verified. He was appointed on Rs. 3,10,000/- per month, but after only 3 months his salary was revised to Rs. 3,40,000/- per month. He is a known dishonest and corrupt person, which can be verified from the employees of PTCL where he was serving before joining SECP. His appointment reminds the ERA OF SICKHS. ii) MR. ZAFAR ABDULLAH Executive Director has been appointed on Rs. 3,42,000 per month. He is supervising Securities Market Division although he was working with regulatees before joining SECP. How he can regulate his previous employers effectively. iii) MR. PANJWANI Director SMD on salary of Rs. 2,00,000 per month and even Deputy Directors have been appointed on Rs. 90,000/- per month although regular Deputy Directors (who are doing same jobs) are getting only Rs. 45,000/- per month without any car even the increases announced by the Government in last two budgets have net been given to the regular officers. The record of Accounts Department will provide all the details of similar mal-practices. In short Mr. Razi is looting the exchequer of Securities and Exchange Commission with both hands like “MALLAY MUFT DILLAY BAYREHAM”. If all the appointments made by Mr. Razi Ur Rehman, Chairman SECP are reviewed, it will prove that he violated all the rules of selection
and by-passed all the required legal formalities and appointed his favourites on very high salaries. He is also making appointments of beautiful and ultra-modern women in Karachi office (he is un-luckily a
divorced man). G) Mr. Razi belongs to Karachi and spends every weekend and also 3/4 working days there at the cost of SECP money. He receives TA/DA and air passage for these visits and periods. He stays in his own residence there and receives Daily Allowance. Since his appointment as Chairman SECP, he hardly stayed at Islamabad during the weekends. The computerized record of attendance will easily confirm this fact. If his tour programs for Karachi are audited, one can easily find very interesting reasons of his tours for Karachi.
H) He is also sending his favorite employees on foreign tours at his own discretion without formal process of nominations. Even he facilitates in making the private visits of his most favorites converting it into as official visits and also attaching leave with the tours. The big examples are visits of Ms. Amber Dar Ex-Executive Director (Legal) and Mr. Javed Siddiqui Executive Director (SSD). There are several other similar cases, which can be verified from the record. The record of the foreign visits of Miss Zaib Shadani, Ex- Assistant Director also indicates that how much she was dear to the Chairman SECP. When he felt threat of defame, arranged job for her outside SECP. I) Mr. Razi has also been granting rewards to his favorite employees lavishly. He got approved three gross salaries for all the two Commissioners amounting to Rs. 3400,000. Also managed to enhance his and Commissioners salaries to Rs. 5,55,000 per month from Rs. 3,50,000/- per month with effect from 01-01-2007, with increase of more than 50 percent. He paid full gross salaries as honorarium to all his other favorites like Mr. Ashraf Tiwana, Registrar (3 gross salaries) and Miss. Shane (one gross salary) etc. J) He also reimbursed Rs. 3,00,000/- to Mr. Javed K. Siddiqui Executive Director (who is very close companion of Mr. Razi and obeys his all illegal actions) on account of membership fee for Islamabad Club illegally although he was not entitled for the same when the fee had been paid by him. Mr. Javed Siddiqui is also a corrupt man and was compelled to leave his previous jobs. He also committed financial embezzlements during his job in UAE and ran back to Pakistan. K) Mr. Razi Ur Rahman is receiving kick backs in all deals and affairs of Securities and Exchange Commission of Pakistan , whether it is matter of purchases or renovation of building or engaging of consultants. Interestingly he gives all work to the consultants of Karachi even he also engaged Legal Advisors from Karachi although the Head Office is located in Islamabad. He is severely prejudiced with the employees who are not from Karachi. Presently ‘Troika’ comprising of Mr. Razi Ur Rehman, Mr. Javed K. Siddiqui and Mr. Mansur Ahsan (All belong to Karachi) is ruling the SECP. He is also spending 2,50,000/- per month on his personal security although the same was never been done by the ex-Chairmen of SECP. Both the Commissioners have been bribed giving 50 per cent increase in their salaries and three gross salaries as honorarium. Further, they have to get extension in their term which is expiring by the end of this calendar year, so they are keeping their eyes closed on the looting of public money by Mr. Razi Ur Rehman.L) These are the some examples if a thorough investigation is conducted, several similar cases will certainly be detected. M) Mr. Razi Ur Rehman is not only fully bulldozing the rules and regulations of SECP, but also using the public money in order to please his favorites. He is in fact looting the public exchequer very lavishly. N) The list of mal-practices and dishonesty on the part of Mr. Razi Ur Rehman is very long during his 1st two years of appointment and if he is not checked and removed immediately, the public exchequer of SECP and organization will suffer heavy and irrecoverable loss. O) Mr. Razi Ur Rahman is making appointments of his favorites against different posts on very high salaries and perks, but the existing regular employees who have been performing the similar jobs for years are being victimized although they have given the cream of their lives to SECP. Their perks/facilities are being withdrawn gradually and contract employees appointed by Mr. Razi are being favored lavishly in the form of high salaries, expensive cars and bonuses etc. He advertises the posts and makes appointments of his favourites who even do not apply through the normal channel of submitting applications via computerized system which is mandatory for all the candidates as instructed in the all advertisements published in newspapers. This can be verified if their CVs are compared with the applications received through the computerized system. Recently he appointed Directors, Joint Directors and Deputy Directors for Securities Market Division of SECP. The posts were advertised, but still the short-listing of the candidates was underway, but he picked the CVs of his favorite candidates directly from them and appointed them on very high salaries. If their CVs are checked, you will not find any official receiving or diary number on them. He has also got
amendment in Selection Committee Rules and decided if he himself interviews a candidate directly, there will be no need of interview by Selection Committee. The surprising point is that he is violating the Selection Committees as approved by the Commission and making illegal appointments. P) The employees who do not obey his illegal and irregular instructions are always discouraged and insulted frequently. Consequently they are resigning, causing brain-drainage out of talented manpower. All the Executive Directors (who were hired on merit by the ex- Chairman SECP) have been compelled to resign. Recently One regular Executive Director of SMD, Two Directors of SCD, one Director from CLD, one Director from Insurance Division and one Director from Legal Division and several Joint Directors, Dy Directors and Assistant Directors have resigned because of hopeless, discriminately treatment and disappointing environment created by Mr. Razi Ur Rehman. They have mentioned these reasons in their resignation letters. Recently Mr. Imtiaz Hyder Executive Director resigned against the un-called for attitude of Mr. Razi and because of not becoming a tool in his corruption and this has appeared in media too. Several times news articles have been published in the leading daily newspapers on similar dishonesties and mal-practices of Mr. Razi Ur Rehman, but un-luckily no investigation has been initiated or any authority even tried to know the facts because of the influence of Mr. Razi Ur Rehman who claims to be the man of Altaf Bhai of MQM. We are afraid that you will come forward for investigation at that time when SECP will be totally ruined by these corrupt people and they have also managed to escape themselves abroad as per traditions of Pakistani investigation agencies in past. It is therefore requested to please TAKE IMMEDIATE ACTION IN THE NAME OF JUSTICE AND NATIONAL INTERESTS and advise to the competent forums like NAB and FIA etc to conduct a thorough investigation of the situation in Securities and Exchange Commission of Pakistan to save the public exchequer which is factually being looted with both hands by Mr. Razi ur Rehman, Chairman SECP and his favorites. The names of Mr. Razi Ur Rehman and his companions may also be placed in EXIT CONTROL LIST otherwise it is strong possibility that they will leave the country immediately in order to avoid the accountability.

Employees of Securities and Exchange Commission of Pakistan

CIVIL APPEALS No.305 & 306 OF 2009 - Ms Amber Daar Advocate

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And what about the former employees of erstwhile CLA who did not inducted in SECP. While on the other hand, perks and packages of existing employees who not only qualified for their appointment with SECP.

Ms Amber Daar Advocate, you have been appeared in CIVIL APPEALS No.305 & 306 OF 2009 on behalf of SECP - what do you like to say?

A requiem for the SECP law division

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Courtesy The Express Tribue:
By Amber Darr Lahore Published on 22 June, 2011

“I don’t think they play at all fairly… and they don’t seem to have any rules in particular; at least, if there are, nobody attends to them.” — Alice in Wonderland 

In a matter of four days last week, the Securities and Exchange Commission of Pakistan (SECP), the somewhat nondescript but ultimately powerful apex regulator of the corporate sector, made two organisational changes: Firstly, it abolished its law division and adjusted its lawyers in its five remaining divisions and secondly, it unceremoniously dismissed the head of the legal department. On the surface, both changes appear routine and unremarkable. A closer look, however, suggests not only the evident end of the law division but also, and far more importantly — perhaps even worryingly — a shift in the nature of corporate regulation in the country.
The SECP has explained these changes as a move to improve its efficiency and has added that these are entirely within its legal mandate and in accordance with the law. The words of the SECP, whilst true in a purely technical sense, do not shed any light on the manner in which the law division was hampering its efficiency. One would think that for the apex regulator who is entrusted primarily with the task of enforcing the law, the law division, if not an indispensable forerunner in all its decision-making, would at the very least be a trusted ally or a sage counsel. Clearly, however, the SECP’s present management thinks otherwise.
As I tried to understand this episode, I found myself thinking of the time when I had joined SECP as the executive director law (or head of legal department) in March 2005. Coming straight from legal practice in Karachi, I had not known what to expect and was shocked when I discovered that whilst the SECP was very keen to engage a head for its legal department, no such department in fact existed. Although the SECP did employ lawyers, it did so mostly at junior levels, and then posted them in its various departments where they reported and remained answerable to the operational heads who not only had no knowledge of the finer points of law but also whose objective in making any decisions was — at best — expediency rather than legality or even correctness.
The SECP chairman at the time, being a lawyer himself, was of the view that the legal department must work independently of the operational departments and, in fact, act as a connector for the departments so that the decisions of the SECP remained cohesive in all its areas of operations. It was to implement this philosophy that I started plucking lawyers from out of the operational departments and congregating them under the single umbrella of the legal department where they would be answerable only to lawyers and where a senior, responsible officer would be able to withstand the pressure exerted by operations. In doing so, however, I encountered resistance, sometimes even outright hostility, both from operations (who resented a check on their hitherto unfettered ability to act) and even the lawyers themselves who had found and ingratiated themselves to godfathers and protectors necessary for their survival in the organisation. This process continued under the next chairman, who, despite many differences of opinions, understood and supported the idea of the legal department and sought its advice on matters of law and policy.
To guess at what may have happened now to reverse the process would be pure speculation. What remains true, however, is that no matter how grievous the loss of efficiency due to the existence of the law division, disbanding it and summarily dismissing its head (who had been with the SECP in increasingly important capacities for more than seven years and was an important resource), was not the solution. In doing so, the SECP has severely compromised the integrity of the regulator: Junior lawyers lacking the necessary expertise and gumption to take a stand on the law and isolated from their peers will once again find themselves at the mercy of the operational heads for their careers and will likely accept any intellectual compromise, perhaps even unwittingly, merely to hold on to a coveted and increasingly insecure job. The greater tragedy, however, is that the SECP is not alone in its downward spiral and is in fact merely another facet of the national preference for convenience over principles. May the law division not rest in peace!

Tuesday, June 28, 2011

SECP - A sinking Titanic!

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 Sailor to sink SECP

Courtesy:Jawwad Rizvi
The News

LAHORE: The federal government is again ready to ignore the ruling of the Supreme Court on appointment of contract employees as the Securities & Exchange Commission of Pakistan (SECP) is all set to reappoint its former advisor (Legal) Abdul Rehman Qureshi on the same position.

The News has learnt that the SECP has moved a summary for reappointment of former advisor (Legal) Abdul Rehman Qureshi from July which is also a violation of the SECP Act 1997 and the SC decision on reappointment of retired employees.

Interestingly, the federal finance division also dodged the SC in this particular case as it had not included Abdul Rehman Qureshi's name in the list provided by it to  the Supreme Court regarding the contract employees.

The sources in the Commissions said that Abdul Rehman Qureshi was a federal government employee and was inducted in the SECP as Commissioner - Company Law in 1999. He was given first extension in 2002 for three years till 2005. Later, after reaching age of retirement in 2006, he was rehired by the SECP in 2005 as advisor (legal) for a three year term which ended in 2008. The journey of his reappointment in the SECP did not end in 2008 as the Commission chairman again appointed him on the same post for another three year term, from 2009 - 2011.

Internaland External Communication of the SECP head Shakil Ahmad Chaudhry said that the Commission was not reappointing Abdul Rehman Qureshi as advisor. He stated that the SECP had moved summary to extend his employment for one year under Section 8 and 9 of the Securities & Exchange Commission of Pakistan, Act, 1997. "The move was in accordance with the regulation and decision of the SECP Board", he claimed. The sources in the SECP said that reappointment of the advisor was also sheer violation of the SECP Act, 1997 barred any government official member of the SECP or SECP Chairman to appoint advisor or consultant on his own. As Section 9 of the said Act reads: 
"Appointment of advisers and consultants:-
  1. Subject to sub-section (2), the commission may, employ and pay consultants and agents technical, professional and other advisers including, without limitation, bankers, stock-brokers, surveryors, valuers, actuaries, accountants, lawyers and other persons to transact any business or to do any act required to be transacted or done in the exercise of its powers, the performance of its functions or for the better implementation of the purposes of this Act.
  2. The decision to employe and the terms of employment of external advisers and consultants shall be made by the Commission in accordance with such policy guidelines as the commission may, in consultation with the Board, establish from time to time".
The sources disclosed that Abdul Rehman Qureshi during 2009-2011 had been getting very handsome salary ie Rs.450,000 per month besides two Commission maintained cars with 400 liter petrol and other perks. The alleged that he was not elligible to be appointed as advisor (Legal) since he was not a lawyer by profession.

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