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IN THE MATTER OF: MESSRS SOUTHERN NETWORKS LIMITED versus IN THE MATTER OF: MESSRS SOUTHERN NETWORKS LIMITED

Sections 226 and 229 Securities misappropriation and misuse and penalties for deposits The provisions of section 226 of the Companies Ordinance, 1984, were intended to protect the money deposited with the company's dealers against illicit use, like dealer deposit trusts. Had to work. There were actually security deposits received by the company, but the company ordinance failed to meet the requirement of section 226 of 1984 to keep the dealers' deposits in separate bank accounts, and it was wrongly assumed that the company had compulsory requirements. Was exempted from the reduction of section 226 of the Companies Ordinance, the 1984 chief executive violated the requirement of section 226 of the Companies Ordinance, 1984 Act, in which case the Companies Ordinance was required under section 229 of 1984, Who paid a fine of five thousand rupees in consideration of this fact. That the company had tried to make a default correction in response to the issuance of the CAC, the notice used by the Commission, which shows a decrease in the amount of security deposits, was softened and instead of the companies Under section 229 of the Ordinance 1984, the chief executive of the company was imposed a maximum penalty of Rs 2,000. lawer from fb area from Kot Radha Kishan lawyer