The Islamabad High Court (IHC) on Wednesday restored Khalid Mirza, former chairman of Securities & Exchange Commission of Pakistan's Policy Board, till the final judgement on his appeal. The court issued notice to the secretary finance for filing report and para-wise comments within a fortnight. It ordered; "Till the next date, the operation of the impugned notification dated 23-08-2019 shall remained suspended."
Chief Justice Athar Minallah heard the petition of Khalid Mirza, who has challenged his removal in the IHC through Zainab Janjua. He has made federal government through secretary finance as respondent. Khalid Mirza was replaced with Masood Ali Naqvi as chairman SECP's Policy Board. The petitioner's counsel contended that Khalid Mirza was appointed as Member of the Board vide notification on 16-11-2018 for a fixed term of four years. She referred Section 12(3) of the Securities and Exchange Commission of Pakistan, 1997 in support of her contention that the appointment of the member is made for a fixed term of four years.
She also cited Section 18 of the Act 1997 and pleaded that a member once appointed can only be removed in the manner and on such grounds as described in the Act. The counsel stated that the impugned notification is ultra vires the provision of the Act 1997 and thus void. She argued that his removal from the post was against the law and prayed the court to set aside the notification in this regard. The case was adjourned for two weeks.