LAHORE: The Lahore High Court ordered Securities and Exchange Commission of Pakistan to take action against 8,444 companies which have not appointed legal advisor.
Court also demanded the record of advocates those are providing services as legal advisors to more than three countries.
In the court of Justice Mansoor Ali Shah, the appellant argued that 20,278 companies were registered with SECP out of them 8,444 companies have not appointed their legal advisors, adding that all private companies should appoint legal advisor according to law.
After hearing the case Justice Mansoor Ali Shah ordered SECP to bring to table such companies those were not following the law.
