IN THE MATTER OF: MESSRS NETSOL TECHNOLOGIES LIMITED versus IN THE MATTER OF: MESSRS NETSOL TECHNOLOGIES LIMITED
Sections 195, 473 and 476 of the Company's Annual Accounts for the relevant year show that the Company has provided loans to its directors, without directing the Commission's approval for lending. And that no details were filed with the Registrar of Companies of the Enforcement Department in this regard, in the circumstances the companies were arrested for violating the statutory provisions of the Ordinance 195, sections 195 and 476 of the Companies Ordinance 1984. A notice of condolence was issued to the chief executives and directors. The Company's Company Legal Advisor acknowledged that the Company had failed to file the details of the Directors' loans with the Registrar and requested the Company to take a careful view of the matter and allow the Company some time for the correct Company required. Of The Companies Ordinance violated the essential prerequisites of Section 195 of 1984, however, due to the trivial nature and due to the fact that the Company is a newly listed company, a soft view of the matter was taken and Instead of imposing any penalties, seeking options, the Companies Ordinance was instructed to list the details of the loans provided to the Directors, including in section 473 of the 1984, and send a copy of these instructions to the Directors. Send along the company that will comply with the provisions of the Companies Ordinance, 1984.
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