SERVICE FABRICS LIMITED versus DIRECTOR (ENFORCEMENT)
Section 158 Securities and Exchange Commission of Pakistan Act (XLII of 1997), appeals to the General Appointments Bench of the Commission Company for the annual general meeting to impose section 33, which is under the provisions of section 158 (1) of the Companies Ordinance 1984. It was necessary to hold its annual general meetings within the specified year, after failing to hold such a meeting, the company's chief executive and directors were fined under the terms of section 158 (4) of the Companies Ordinance, The company representative acknowledged the default. By not holding annual general meetings and appealing to the appellate bench, the gentleman's attitude can be reduced by reducing fines. The representative told the appellate bench that the company had discontinued its work and was in the process of voluntarily winding up and that the company had no assets. And that in such circumstances he could not pay the company a penalty for the failure of the commission to conduct the Annual General Meeting, depriving the shareholders of their legal right to acquire the Company's Annual Audit Account, It was necessary to deliver timely, reasonable and meaningful information to the car / shareholders. And by not holding meetings, investors / shareholders were barred from taking part in matters such as approval of accounts, appointment of auditors and selection of directors company, which showed that not to hold annual general meetings. The process was deliberately commissioned. The company's directors had already adopted a soft idea, not to impose too much penalties; the chief executive and the directors were fined in their personal capacity.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
