QUALITY STEEL WORKS LIMITED: IN THE MATTER OF versus QUALITY STEEL WORKS LIMITED: IN THE MATTER OF
Failure to prepare and file a quarterly account by the Section 245 Company The provisions of section 245 of the Companies Ordinance 1984 required the preparation and transfer of company members for the execution of the fine company, as well as the Registrar And the commission had to file its quarterly accounts. For the relevant year, but the company failed to comply with these requirements within the stipulated time, in response to the notice, the competent representative of the company appeared while acknowledging the default, saying that the quarterly accounts were not prepared / filed. Maybe because during the relevant period, the company's operation was suspended and said there was no staff available to create the account and he said that the accounts could not be finalized because the annual accounts were not finalized. During the period, the management of the company was involved in litigation with the bank. None of the loan bases that the deputy did not mention senders justified the default There was no excuse for non-working shareholders of the company not to rotate quarterly accounts as quarterly accounts for directors were created. This was easy to do because it took less effort for the company to collect financial data. Establishing litigation with the bank was not mandatory by default as company directors were responsible for the timely preparation and circulation of quarterly accounts, protection of investors / shareholders, the core objectives of the Companies Ordinance 1984 Was one of them. Because they provided a badge for investing, if the interest of investors was protected.
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