NAZIR AHMED PERACHA, CHAIRMAN, SHAHPUR TEXTILE MILLS LIMITED versus COMMISSIONER (CL), SECURITIES AND EXCHANGE COMMISSIONER OF PAKISTAN
Sections 86 (3), 472 and 492 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 New Shares Offer False Statement Examining the Company's Annual Accounts for the relevant year has revealed that its share capital The issuance of the showcase notice to the company was substantially increased but the Commissioner of Commissions (CL) was not satisfied with the response to the showcase notice issued to the company, 50,000 per director under section 492 of the company's ordinance. After imposing a fine of Rs. , 1984, and directed them under section 4772 of the Ordinance to provide the Commission with a financial plan after the fact of the debt presented by the Directors following the facts and its payment is established by the financial statements. Balancing, modernizing and replacing the company's current plan was, in fact, a misrepresentation of the reason for the conversion of long-term debt into equity and the volatility of ordinary shareholders. The directors were not fined for their violation of transfer agents and underwriters' rules of 2001. It also failed to comply with the Commission's directive and demonstrated its willingness to provide information on working capital requirements and business strategies to prevent the company from operating losses. The Commission's Appeal Bench refused to intervene in the circumstances. \ R \ n \ r \ n
Related judgments — Securities and Exchange Commission of Pakistan, 2012
