S.M. EHTISHAMULLAH versus EXECUTIVE DIRECTOR (ENFORCEMENT)
Investment facts and circumstances in connection with the section 208 Securities and Exchange Commission of Pakistan Act (XLII of 1997), concern without the authority of section 33 special resolution have shown that the Company's investment in its related actions is approved. Was not in accordance with the resolutions made. The executive director of the shareholders of the commission (Enforcement), expressing dissatisfaction with the company's response, said that the company executive director, despite being fined Rs one lakh on the chairman, chief executive and non-executive and the company's executive director. (Enforcement) filed the complaint with Sec 208. Under the Companies Ordinance, 1984, it was stipulated that the Company would not invest in any of its affiliated companies and any of its affiliates, except under a special resolution that specifies the nature, duration and quantity of the investment and Will indicate the terms and conditions. The company affiliated with it sought approval to make itty equity investor at the unusual general meeting, but the special offer was not obtained by the company for AdvanceFor, under the circumstances, the Companies Ordinance, 1984. The requirement of section 208 was not followed that the actions of the company / directors were not intentional, irrespective of the facts of the matter, the company was fully aware of the fact that the share of concern concerned Was without holders / approval default could not be waived, in which case the Companies Ordinance was in violation of section 208 of 1984 There is no reason to interfere with the Commission's Director Enforcement Order in connection with the Extraordinary General Meeting alone.
Related judgments — Securities and Exchange Commission of Pakistan, 2012
