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The Sindh High Court has instructed that no further coercive measures be taken against Security Leasing Corporation Limited (PSX: SLCL) until September 29, following the company’s appeal against a ruling that upheld the cancellation of its Non-Banking Finance Company (NBFC) license.
The appeal, registered as Misc. Appeal No. 123 of 2025 under the High Court’s Appellate Jurisdiction, was filed on September 22, 2025, and heard on September 24, 2025, by Justice Agha Faisal. The court accorded urgent status, exempted procedural requirements, issued notices to respondents for September 29, and ordered a freeze on coercive action against the appellant until that date, as disclosed in the company’s filing on the Pakistan Stock Exchange.
Respondents named in the appeal include the Securities and 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 challenges an order dated April 8, 2025, whereby the SECP Appellate Bench dismissed the company’s prior appeal and sustained the cancellation of its NBFC license, which was initially revoked by an order dated April 17, 2019.
In its suspension request, the company argued that the license cancellation was executed by an Additional Joint Director rather than the competent Commissioner, and that no hearing was afforded despite submission of an auditor-certified equity report dated June 30, 2018.
The firm maintained that it complied with directions under an interim order dated June 4, 2018, by submitting its equity position with an auditor’s certificate on July 31, 2018, and sought withdrawal of the interim order based on this compliance.
According to the company, this submission remained unconsidered for nine months, after which the license was cancelled via a letter-format order.
The company further contended that the SECP Appellate Bench’s dismissal on April 8, 2025, failed to address its arguments 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 impugned orders of April 8, 2025, and April 17, 2019, and urged the court to restrain respondents from initiating winding-up proceedings or delisting the company pending final disposal of the appeal.
The supporting affidavit was filed by Saima Shahid, authorized representative of the appellant.
The principal appeal and connected applications are scheduled for hearing on September 29, 2025.
