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

According to the company's disclosure, Cnergyico had challenged the SECP's order before the Sindh High Court through Miscellaneous Appeal No. 112 of 2023, where the matter is currently pending adjudication.

The company stated that the Sindh High Court, through its order dated September 26, 2023, granted a stay against the operation of the SECP's order. Cnergyico confirmed that the stay continues to remain effective.

The latest information was disseminated through a notification to the Pakistan Stock Exchange.

The matter dates back to July 18, 2023, when the Securities and Exchange Commission of Pakistan issued an investigation order against Cnergyico PK Limited under Section 258 of the Companies Act, 2017.

Cnergyico subsequently challenged the investigation order before the Sindh High Court. The court directed the SECP's internal Appellate Bench to decide the company's appeal.

However, on September 6, 2023, the Appellate Bench returned the appeal on the grounds of lack of jurisdiction under Section 33 of the SECP Act.

The Appellate Bench maintained that since the investigation order represented a collective decision of the full Commission rather than a decision by an individual Commissioner, the appropriate statutory appeal would lie before the High Court.

Cnergyico subsequently pursued the matter before the Sindh High Court, where it remains sub judice, with the September 26, 2023 Stay Order continuing to remain in force.