Section 11: Bar on rectification of central depository register

11. Bar on rectification of central depository register.—Notwithstanding anything contained in section 152 of the Companies Ordinance, 1984, (XLVII of 1984), if— (a) an account‑holder or a sub‑account holder did not consent to a transfer of any book‑entry securities from, or to, his account or sub‑account, as the case may be; or (b) the name of any account‑holder or sub‑account holder is fraudulently or without sufficient cause entered in, or omitted from, the central depository register. the aggrieved party may apply to the Court for relief and the Court may award damages to the aggrieved party but shall not order rectification of the central depository register. Explanation.—The expression “court” for the purposes of this section shall mean the High Court having jurisdiction over the defendant.

Effective date: 1997-01-01

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