NASEEM A. SATTAR, CHAIRMAN versus EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSIO OF PAKISTAN
Minutes of the Board of Directors meeting were sought to ascertain whether the Securities and Exchange Commission of Pakistan (XLII of 1997), Section 33, the Securities and Exchange Commission affiliated with Sections 196, 208, 473 and 476. Whether a resolution was approved or not. In order to enter into a contract with the relevant company, the company submitted that transferring sewing machines from the company premises to the respective company premises is not an acquisition or sale of machines in any way, board approval is not required. Was. A notice of reason was issued to the company's chief executive officer, including the executive director of the commission (enforcement), for violating sections 196 and 208 of the companies if the applicant / company was not satisfied with the response. Ordinance, 1984 Under the provisions of section 196 (2) of the Companies Ordinance 1984, the powers of the Company may only be exempt, in the present case archived by a contract by the Board of Directors, the Company and its affiliated directors were joint directors. ? And in the case of section 196 (2) of the Companies Ordinance, 1984, in the case of joint directorship, the company's board of directors should have approved a contract that would have failed the company to contract it. Prior to entering into an agreement with the relevant company, the Board of Directors' resolution was a violation of section 196 (2) of the Companies Ordinance, 1984 directors of the company were properly fined for entering the company. Have the option of The contract was used solely on the authority of the Articles of Association of the Company, not applicable
Related judgments — Securities and Exchange Commission of Pakistan, 2012
