SHC halts action against Security Leasing till Sept 29

July 10, 2026 (MLN): The Sindh High Court has directed that no further coercive action be taken against Security Leasing Corporation Limited (PSX: SLCL) till September 29, after the company moved an appeal challenging an order that upheld cancellation of its Non-Banking Finance Company (NBFC) license.

The appeal, filed before the High Court's Appellate Jurisdiction as Misc. Appeal No. 123 of 2025, was presented on September 22, 2025, and came up for hearing on September 24, 2025, before Justice Agha Faisal.

The court granted urgency and exemption in the matter, issued notice to the respondents for September 29, and ordered that no further coercive action be taken against the appellant until then, the company's filing on PSX revealed today.

The respondents named in the appeal include the Securities & Exchange Commission of Pakistan (SECP), the Commissioner of the Specialized Companies Division, an Additional Joint Director of the same division, the SECP Appellate Bench, and the Pakistan Stock Exchange.

The appeal assails an order dated April 8, 2025, through which the SECP Appellate Bench dismissed the company's earlier appeal and upheld the cancellation of its NBFC license, originally cancelled through an order dated April 17, 2019.

According to the company's application seeking suspension of the impugned orders, the cancellation of its NBFC license was carried out by an Additional Joint Director rather than the competent Commissioner, and no hearing was granted despite the company submitting an auditor-certified equity report dated June 30, 2018.

The company stated it had complied with directions issued through an interim order dated June 4, 2018, by submitting its equity position along with an auditor's certificate on July 31, 2018, and had applied for withdrawal of the interim order in view of this compliance.

It said this submission was left unconsidered for nine months, after which the license was cancelled through a letter-format order.

The company further contended that the SECP Appellate Bench's subsequent dismissal of its appeal on April 8, 2025, did not address its submissions or the documentary evidence on record, including the auditor's certificate.

Through Civil Miscellaneous Application No. 6528 of 2025, the company sought suspension of the orders dated April 8, 2025 and April 17, 2019, and requested that the respondents be restrained from initiating winding-up proceedings or delisting the company pending final disposal of the appeal.

The affidavit in support of the application was filed by Saima Shahid, described as the authorized representative of the appellant company.

The main appeal, along with the connected applications, is now set to come up for hearing on September 29, 2025.

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