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MUHAMMAD YOUNUS versus COMMISSIONER (SPECIALIZED COMPANIES DIVISION) SEC

Sections 177, 180, 186, 472 and 476 Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Failure to hold elections for new directors of the Company, immediately after the expiry of the Director of the Company Needed to be lifted. After issuing showcase notices to directors and giving them the opportunity to be heard, the task is to elect new directors for directors, after a two-month hiatus by the commission of directors, imposing a penalty on each director. Measures. The company director against whom the appeal was filed was properly punished for delaying the election for nine months as he should have retired at the expiration of his term of office and took immediate steps to hold the election. Which caused them to fail. The selection of directors of the country under section 177 of the Companies Ordinance, 1984, would not constitute a legal barrier as it was the duty of directors to reclaim themselves so that elections for new directors could be delayed without delay. The constraints created by the directors, one after the other, were clearly excuses for holding the post of Directorship Commissioner, who had already taken a soft attitude by imposing fines. Could be online advocate from Qazi Ahmed lawyer