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ARSHAD WADUD KHAN versus EXECUTIVE DIRECTOR (NBFC DEPARTMENT) SEC

Sections 158, 245 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Quarterly Accounts Failure to Prepare and Present, and Directing Company Directors to Fine at Annual General Meetings of Non-Holding Company Violation was imposed. Under Sections 158 and 245 of the Companies Ordinance, though directors' appeals were banned from time to time, they were delayed so that the matter could be heard and resolved on merit rather than on technical grounds. However, the appellants claimed that the annual general meeting was scheduled. To be held on time, but a few days before this meeting was held, the administration decided to postpone it on its own and without the advice of the Board, and in 2004, the Commission along with the management, the company management and the board A separate action was initiated against him. Therefore, they were captured with these problems, and could not produce accounts, and the Annual General Meeting Directors also claimed that the entire board was taken over by the National Accountability Bureau in 2005. The appellants claimed that they were not responsible for the management of the company, it was the responsibility of the Board of Directors / Appellant to see that the accounts were ready and the annual general meeting was held. The directors' time reasoning that since the NAB did not release them, they should be exempted from all violations during their tenure was a good measure of the requirements of the law under the Companies Ordinance, 1984, Different from the director and can or may not. What is the reason behind this? top advocates from Charsada lawyer