DIAMOND INDUSTRIES LIMITED versus EXECUTIVE DIRECTOR (CLD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 208 and 473 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Associate Companies Investing and Examining the Company's Accounts for Specific Periods Without Special Resolution Powers Revealed that 231 Million dollars was offered by the company to the company affiliated with it said that in the case of section 208 of the Companies Ordinance 1984, the transaction was no investment, instead it was a normal trade credit commission. Which further stated that the funds were transferred by the company without any interest. The company, and it was not a normal business loan because there was no joint venture between these two concerns because the company's lawyer argued that the investment was in fact made at a special resolution in the 1996 company, then the relevant company When investing in Unaware of the special contract already approved in 1996, it should have approved the latest resolution in com. Compliance with Section 208 of the Companies Ordinance, 1984, Ordinance of Companies, Section 208 Requirements of 1984 Were very specific because it required the company to identify the nature, duration and amount of the investment and the terms and conditions associated with it. The Company failed and failed to disclose the mandatory requirements of Section 208 of the Ordinance. The 1984 Company Secretary acknowledged during a hearing before the Commission that the Advance was a interest-free company, in which case, the special resolution for the appellant's counsel. Was not complied with. Under section 473 of the Companies Ordinance, 1984, the company raised the burden of providing evidence of compliance within 7 days of the hearing, but the Companies Department
Related judgments — Securities and Exchange Commission of Pakistan, 2012
