Sections 12, 39, 59A & 156 of the Companies Ordinance (XLVII of 1984), Sections 160 (1) (b) and 209 of the mismanaged and indirect transactions were resolved by the Board of Directors of the Takfal Company. Place the company's first annual general meeting in front of the company's shareholders, approval of the equity investment in bank shares / certificates / units of up to Rs 100 million shows the results of the company's site inspection, revealing that the company Prima fax was present, the company's decision to invest in the bank's shares was made without proper care and professionalism. The company, in the circumstances, violated the provisions of section 12 (1) (a). Is done In addition to the insurance ordinance, the 2000 directors and the company's chief executive, the day-to-day running of the company and the management of the business, he also had some sincere duties, Xing and some of the broader responsibilities that were imposed on him and the company through the constitution. Were imposed, adhering to the fact that there was mismanagement in carrying out the matter in question, which is why the transaction was not concluded without proper care and due diligence. On the violation of section 12 (1) (a) of the Insurance Ordinance, 2000, but also in relation to section 39 of the said ordinance, and / or the violation of section 209 of the Companies Ordinance, 1984, The infringement has clearly affected the interests of the company's shareholders. Keeping in mind that the shares of the bank were transferred in the name of the company, stating that the management of the company has taken steps to comply with the provisions of the Insurance Ordinance 2000. , To comply with the applicable laws of the Company
Related judgments — Securities and Exchange Commission of Pakistan, 2012
