S.M. AHMED versus EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 208, 473 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), section 33 receivable balance, an annual audit of accounts related to a commercial loan ? related disclosure, appeared to this company from the affiliated company \ Balances were received as commercial loans and / or other receivables, which did not fall under the general business reputation of \ "the Section 208 of the Executive Director (Enforcement) of the Commission's Ordinance, 1984. A small look at each of the directors through the receipt of these receipts due to the documentation from the relevant company and the financial statements of the Company's commercial loans, which they have agreed to default on and recover the aforementioned receipts by default. Improvement started, after which a fine of Rs 1 lakh was imposed on each director. Payment Capital said that the facilities extended to the relevant company cannot be interpreted as ordinary business credit. He inspected section 208 of the Companies Ordinance, 1984, saying that without a pre-approval of shareholders by a special resolution chief executive, the debt to the relevant company was extended and the directors were appointed The ordinance violates the provisions of section 208 of 1984. In the present case, the purpose of the company was to provide financial support for the concerns related to it, so it was necessary to get approval through a special resolution at the general meeting of shareholders, Financing can be provided. The companies' company was unprofessional and the financial statements further revealed that less relevant
Related judgments — Securities and Exchange Commission of Pakistan, 2012
