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IN THE MATTER OF: MESSRS USMAN TEXTILE MILLS LIMITED versus IN THE MATTER OF: MESSRS USMAN TEXTILE MILLS LIMITED

Failure to file quarterly accounts section 245 and 476 Failure of companies to file a quarterly account under the provisions of section 245 of the Ordinance of Companies 1984, the company's directors were issued show cause notices Company default in filing quarterly accounts, but it was claimed that the company's operations were suspended during the default period and there was no staff to create a quarterly account. Company inactive, shareholders There was no great excuse for not submitting a quarterly account when the company was not working, It was the easiest to prepare and move. According to the report, the delegates say that it failed to present a motivated reason to justify the default, the company was deliberately and deliberately considered a track record in filing the same quarter Is. The accounts, too, were unsatisfactory because the company's directors were also fined in the past, which showed that the directors had no respect for the law and had deliberately managed to get their quarterly accounts. The legal right was denied to the shareholders, the default director for the quarterly account submission came into existence, instead of imposing a maximum fine of Rs one lakh on each director of the company and permanent default. Instead of imposing a fine of Rs 1,000 a day, the chief executive and the company should Directors were fined Rs 30,000 each, patent advocate from Morgah lawyer