Govt appoints Tahir as SECP acting chairman

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Govt appoints Tahir as SECP acting chairman

Islamabad: The federal government has appointed Tahir Mahmood as acting chairman of Securities and Exchange Commission of Pakistan after Supreme Courtís decision to declared appointment of former chairman SECP illegal and invalid.
The Finance Division on Friday issued notification relating to the appointment of acting SECP chairman. The Supreme Court on April 12 annulled the appointing of Muhammad Ali Ghulam Muhammad as Commissioner and Chairman Securities and Exchange Commission of Pakistan (SECP), as it termed the appointment of chairman as illegal and invalid. The judgment authored by Justice Jawwad S Khawaja declared that the selection and appointment of Muhammad Ali as Commissioner and Chairman SECP does not meet the requirements of the SECP Act 1997; as a consequence, the notification No. SRO 21 (KE)/2011 dated 24th December 2010 appointing Muhammad Ali is set aside.

Therefore, the court instructed the federal government to appoint the new SECP head soon. Earlier, Muhammad Ashraf Tiwana, a former head of the commissionís legal department, under Article 184 (3) of the 1973 Constitution filed the petition and raised important questions of public importance relating to the enforcement of fundamental rights guaranteed in Chapter I of Part II of the Constitution. He had contended that SECP Chairman was appointed in sheer violation of law, equity, justice, fairness, public policy, Constitution and principles of natural justice.

Therefore, the federal government on Friday appointed Tahir Mahmood as acting chairman of Securities and Exchange Commission of Pakistan.
Tahir Mahmood, currently Commissioner Company Law Division SECP, represents the category of Commissioners who are being appointed from within the SECP under section 5 of SECP Act, 1997. He is a regular employee of the SECP and joined the service through Federal Public Service Commission (FPSC) as Grade 18 officer in former Corporate Law Authority (CLA) in 1989. He is a chartered accountant and carries a rich experience of over 25 years with CLA and the SECP.

He is Fellow Member of ICMAP & ICSP and also has degree in Law. He possesses extensive experience in company law administration, takeover laws, corporate restructuring, mergers, corporate finance, judicial order writing etc. He has in his credit about four hundred judicial orders passed by him in his capacity as adjudicating officer and member of appellate bench while working as Executive Director/Commissioner SECP.

Significant number of such orders are published in CLD and referred by legal community in corporate cases. He is also member of Company Law Review Commission beaded by Chief Justice of Pakistan (Retd.) Ajmal Mian.† He has worked on drafting of various laws during his tenure with SECP. His expertise in corporate laws especially company law and takeovers laws are largely acknowledged by legal fertility. He is member of various professional forums including National Council of ICMAP, SAFA etc.

Courtesy: The Nation

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