Sections 305, 309 (c), 158, 233 and 245 of the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003, RR 37, 38, 39 and 40 against the various provisions of the Summit Regulatory Framework Securities and Exchange Commission According to Pakistan, the company suffered several violations of several provisions of the regulatory framework which appear to be biased to the interests of the shareholders of the company, indicating that the company had issued a showcase notice stating that The company failed to obtain registration. Non-Banking Finance Companies (Establishment and Regulation) Rules 2002, KR38. That it failed to hold its annual general meeting for the relevant year as required under section 158 of the Companies Ordinance 1984. That company failed to produce annual accounts for the relevant year and that company failed to appoint a passenger with the prior written approval of the Commission under R40 (1) of the Non-Banking Finance Companies (Establishment and Regulation) Rules 2003 Had been The investigative report clearly established that the company's affairs were subjected to severe mismanagement, that its management was subject to mismanagement and that the company's business was abused by its members. And the financial position of the company was such that its solvency company was in jeopardy. It was not only economically unsustainable, it was not a cause for concern and it was also violating RR 38, 39 and 40 (1) of the Non-Banking Financial Companies (Establishment and Regulation) Rules 2003, as well as the companies. Sections 158, 233, 245 of the Ordinance, 1984 and consequently the Company
Related judgments — Securities and Exchange Commission of Pakistan, 2011
