Islamabad High Court on Monday sought written reply from Securities and Exchange Commission of Pakistan in response to a petition seeking implementation of Appointment of Legal Advisor Act 1974. Appearing before a single member bench of Justice Miangul Hassan Aurangzeb on behalf of Islamabad High Court Bar Association in the matter, advocate Waqas Malik alleged that the SECP failed to implement the Act in letter and spirit.
Malik said that in accordance with the provisions of the Act every company is bound to appoint one or three legal advisors to oversee their law affairs. He urged the court to issue directives to the SECP authorities to ensure implementation of the Appointment of Legal Advisor Act 1974. The SECP representative was also present in the court to which the judge asked him to submit a written reply in the matter till April 07.