Sections 208, 473 and 476 Investments in affiliated company without the approval and approval of the shareholders were acting as financier in the respective company and transferred the funds of the publicly listed company to the affiliated company without the shareholders' authority. Was done. The amount owed to the company associated with the company was not in the form of general business reputation as the company claimed, but in fact it was providing financing to meet the cash flow requirements of the company associated with it. The listed company's funds were used. As per the requirement of section 208 of the Companies Ordinance, 1984, to assist in the operation of their ownership without the approval of the shareholders that the fund may be invested only in the respective / subsidiary company directors. Had violated the mandatory. The requirements and management of Section 208 of the Companies Ordinance, 1984, deprived the shareholders of exercising their legitimate right to invest in the Company's associate directors. They must fulfill their legal obligations honestly and honestly, but they violate their stated obligations by providing unnecessary benefits to the affiliates where they were the major shareholders and As such, acting against the interests of its shareholders was considered deliberate and deliberate by default. The chief executive and the directors of the company held themselves liable for penalties under section (3) of section 208 of section 208 of the Company Ordinance, 1984, however, considering that the company's book
Related judgments — Securities and Exchange Commission of Pakistan, 2011
