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Karachi, Faisal Spinning Mills Limited, a prominent company, has successfully obtained a stay order from the High Court of Sindh, Karachi, against the inspection or investigation proceedings initiated by the Securities and Exchange Commission of Pakistan (SECP). The stay order relates to the subject matter of the inspection or investigation, which pertains to the sale of land.
The disclosure of this information was made in accordance with the notice number PSX/N-451 dated April 1, 2021. The notice highlighted the date on which the SECP issued the inspection or investigation notice to Faisal Spinning Mills Limited.
The case, bearing number 1114/2023, is pending before the High Court. It falls under the category of a suit, and the stay order was granted by the High Court of Sindh, Karachi, on July 7, 2023.
The issuance of a stay order implies that Faisal Spinning Mills Limited can temporarily halt the SECP’s inspection or investigation proceedings related to the sale of land until further court proceedings take place. This allows the company to protect its interests and respond to the matter within the legal framework.
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