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KASHMIR POLYTEX LIMITED: IN THE MATTER OF versus KASHMIR POLYTEX LIMITED: IN THE MATTER OF

Failure to file a quarterly account to the Section 245 Company, the implementation of the penal company which was required to prepare and dispatch the members under the provisions of section 245 of the Companies Ordinance, 1984, and at the same time, the commission I had to file in the account for the corresponding year, he failed to do so. In response to the notice given to the chief executive and directors of the company within the stipulated time limit, the authorized representative of the company appeared and said that the company was registered in AJK, the commission had no jurisdiction over the company and He could not justify filing a quarterly account that the company encountered financial constraints during the relevant period, since the claim of the company was registered in Azad Jammu and Kashmir. Not required, was not correct, as required by section 245 of the Companies Ordinance, 1984, a stock Each company listed in Sachinj was required to transfer quarterly accounts to its members and stock exchanges in which the company shares were listed and simultaneously submitted to the Registrar and Commission as the company was listed on the Karachi and Lahore Stock Exchanges. Section 245 of the Companies Ordinance, 1984, was applicable to the company and its directors were, accordingly, responsible for submitting the quarterly account to the commission, but the company failed to file the required account with the commission in due time. , The company's track record in filing was not satisfactory even on annual, half-yearly and quarterly accounts. Repeating the default shows that the company's management has violated the law. law firms from Gharo lawyer