RAZA ABDUL AZIZ AL-RAEE, CHAIRMAN/CHIEF EXECUTIVE OFFICER versus EXECUTIVE DIRECTOR (CLD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
The Ordinance of Section 33 Companies (XLVII of 1984), Sections 208 and 472, shows unauthorized investment in annual audited accounts for the Company's relevant years, indicating that the Company has made unauthorized investment in its respective under-taking company. It is advised to submit an answer. The Company recognizes the default and assures that it is verified within 25 days of default not complying with the mandatory provisions of Section 208 of the Companies Ordinance, 1984 Will And it has been requested that a fine of Rs 300,000 has been imposed on each director of the company as per the commission's order. In addition, the Commission directed the companies to further improve the Company and recover unauthorized investment under Section 472 of the Ordinance 1984. And the removal of irregularities in the investment company was a violation of section 208 (1) of the Companies Ordinance, 1984, which did not allow the special resolution to identify the nature, duration and amount of the investment. ? And under the terms and conditions under which the investment appellant was made advisor to the company, it was confirmed in writing that the commission's instruction was followed in an unknown order relating to the return of investment, The certification was also made by the representatives of the Commission. When the commission approved this bail order, the showcase was out of the scope of the notice and penalties were also imposed on the transaction under which the commission complied with the company's directive and invested according to the direction of the company. The matter was returned, the matter was fined lightly. Each director of the company dropped from Rs 300,000 to Rs 100,000
Related judgments — Securities and Exchange Commission of Pakistan, 2012
