Sections 282 I & 282 J of financial irregularities, violation of existing regulatory framework, and misappropriation of public funds by the company The Penal Security and Exchange Commission of Pakistan inspected the site in a non-banking finance company inspection report in which serious financial Bay Regulations, violations were disclosed. An abuse of current regulatory framework and public funds, compiled by the chief executive officer of the company in conjunction with the board of directors that badly damaged the company's financial position, was issued a showcase notice to the company But its administrator said the commission had observed. This company did not apply for a renewal of its leasing license. That the company's finances were very dark. The company failed to maintain such account books and other records that could present an accurate and fair picture of its situation. The company's cash income was not enough to cover its monthly operating expenses and the company was unable to pay its obligations to the collectors / lenders, despite repeated demands. And that all efforts to restore the company were flawed and there was no chance of the company being restored. All said the facts were approved by the company's commissioner's administrator with the observation that the board of directors and chief executive officer had. Expressed no interest in the Company and did not reject any of the allegations made in the show cause notice commission in exercise of powers under section 282J (2) of the Companies Ordinance 1984, the license issued to the company was revoked and the license K
Related judgments — Securities and Exchange Commission of Pakistan, 2010
