SHEHRYAR SAEED versus DIRECTOR (ENFORCEMENT) SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Section 158 Failure to hold the Annual General Meeting on the Criminal Appeal against the Appellant Company, Section 33, 7, Securities and Exchange Commission of Pakistan Act (1997, XLII of 1997), which, under section 158 (1) of the Companies Ordinance, 1984, General holding was required. Each director of the company was fined Rs 30,000 after failing to hold the meeting within the stipulated period. The company's argument was that the meeting was not held because of the finalization of the corresponding year's accounts. The auditors, the work they do, was beyond the control of the company and its directors. The default could not have been imposed if it was not intentional. The annual general meeting provided for a four-month period from the end of the financial year to the period for which the company's directors failed to take over. Failure to conduct an audit for the relevant year, the directors required to take action against them were not responsible for holding the annual general meeting within the stipulated period, the company was fined, the company failed to hold the meeting for two consecutive years. For which there was a penalty. Impose on it
Related judgments — Securities and Exchange Commission of Pakistan, 2010
