TAHIR A. KHAN versus EXECUTIVE DIRECTOR (ENFORCEMENT)
Sections 208, 476 and 492 affected the Securities and Exchange Commission of Pakistan Act (XLI of 1997), section 33, investing in the relevant company and examining the relevant company's annual accounts without special resolution. The company had a total investment of $ 24 million in its affiliated company. Said said that the equity investment in the investment is Rs 14996 million and the advance note against the equity of $ 103 million revealed in the account that the company's shareholders have approved the investment. In response to the Executive Director's fine of Rs 20 million, a notice of Rs 75,000 on each of the company and its directors under section 208 (3) of the Companies Ordinance, 1984, section 208 of 1984, section 208 of the 1984 Act. Not satisfied. That a special resolution be approved by the company before investing in the affiliated company, which requires that the law was irrelevant and cannot be avoided in the present case, the equity and advance for the equity invested in the affiliated company. Both of them came under the definition of investment; under the notification all the listed companies had to disclose the investment in the respective companies while issuing notices for the general meeting. The approval for the work was in connection with an equity investment of Rs 20 million which the department Prior investment was not approved for equity of $ 103 million through a special resolution required under 208. Companies Ordinance, after 1984, is incorporated by a special resolution through the Company Ordinance, 1984
Related judgments — Securities and Exchange Commission of Pakistan, 2010
