Cnergyico PK reaffirms SHC stay on SECP order remains effective

August 11, 2026 (MLN): Cnergyico PK Limited (PSX:CNERGY) has informed the that the Stay Order granted by the Sindh High Court, Karachi, against a Securities and Exchange Commission of Pakistan (SECP) order remains in force, as the matter continues to remain sub judice.

The company noted that it had challenged the Order before the Sindh High Court, Karachi, through Miscellaneous Appeal No. 112 of 2023, where the matter is presently sub judice.

The company stated that the Sindh High Court, vide its Order dated September 26, 2023, had granted a stay against the operation of the SECP's Order, and that the said Stay Order continues to remain in force.

The aforementioned information was disseminated through a notification to Exchange.

The dispute traces back to July 18, 2023, when the SECP issued the investigation order against Cnergyico Pk Limited in exercise of its powers under Section 258 of the Companies Act, 2017, which empowers the Commission to order an investigation into the affairs of a company where there are grounds suggesting fraud, misfeasance, or non-disclosure.

Cnergyico initially challenged this before the High Court of Sindh, which directed the SECP's internal Appellate Bench to decide on the company's appeal.

However, on September 6, 2023, the Appellate Bench returned the appeal for lack of jurisdiction under Section 33 of the SECP Act, explaining that because the investigation was a collective decision of the full Commission rather than a single Commissioner, any statutory appeal properly belonged before the High Court.

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