Case of the fourth Stock Exchange
Posted on 11.29.05 by StockPK Team @ 11:55 pm
After nearly 30 months, the issue of Pakistan’s fourth stock exchange “PEX Limited” has come back to life as the Karachi Stock Exchange on Tuesday, withdrew its case for a stay order against PEX.
Leaving the legal jargon alone, which is difficult to understand and more so to interpret, knowledgeable sources suggest that the dramatic developments took place in the High Court of Sindh after the defendant Securities and Exchange Commission of Pakistan (SECP) pleaded to the Court that the application be disposed of, as the present stalemate was not helping in the resolution of the issue, and that the Regulator would look into the case afresh (not the exact words, but something to that effect). In response, the counsel for the plaintiff (KSE) Khalid Anwar, who had lodged the suit against SECP, filed a statement saying that he does not press this suit, which resulted in an Order of the dismissal of the case.
