S. M. MUNEER versus DIRECTOR ENFORCEMENT (CLD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
The deadline for the issuance of the Allotment Shares Transfer Certificate of Sections 74 74 and 6ot6 Shares was filed after the Commission had filed a complaint with the Commission regarding the non-receipt of shares after successful completion of the Share Belt Commission. Has violated the matter. Subsection (1) of section 74 of the Companies Ordinance, 1984, and every director including the company's chief executive were fined Rs 5,000. The company had allotted 500 shares under the allotment letter under the name of the complainant and later called the shares. The transfer was made through a certified transfer process in the name of the transfer company, which had sufficient records to prove that the complainant was once the legal owner of the shareholder and subsequently sold for a price. Almost 20 years old since the allotment of shares, the complainant never tried to talk to the company about its holding and other acquisitions because of the profits and the right shares, such as the transaction name due to Larry matters. Prior to the transfer of the above mentioned shares, the complainant had rejected his shares in favor of the transfer which There was an article allotment letter as well as the transfer process was subject to the provisions of section74. (1) For the ordinance of the companies, the shareholders were required to issue certificates within 90 days of the date of allotment, which was available on the evidence that the company had allotted the shares under the allotment letter in the name of the complainant and the share certificate. In fact, the fines issued should not have been levied on the basis that the company failed to produce documentary evidence on the receipt of the shares certificate.
Related judgments — Securities and Exchange Commission of Pakistan, 2012
