The Applicants received two letters on 14th and 16th March 2011 from the 1st Respondent (the Capital Markets and Securities Authority) informing them that their Company (National Investment Co. Ltd.) had been suspended. They were also informed that the Company’s Chief Executive Officer, the Board of Directors and its Chairman, had been suspended. Moreover, the intended sale of the Company’s shares had been suspended, and their all accounts frozen, among other orders. Perturbed by these drastic measures, the Applicants filed a judicial review application in the High Court asking it to issue the order of certiorari against the 1st Respondent and thereby quashing its decisions as well as issuing mandamus and prohibition orders against it. They claimed that the 1st Respondent decisions were ultra vires the governing statute; they were also unreasonable, irrational and arbitrary and issued in violation of the rules of the natural justice. It was argued on behalf of the 1st Respondent that the law gave it the powers to do what it had done. Before addressing the substantive issues, the High Court had to resolves preliminary objections that challenged documents that had been filed on technical grounds.