PLATINUM INSURANCE COMPANY LTD. versus DIRECTOR (INSURANCE)
Section 218 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 Chief Executive Officer's failure to disclose changes in the terms and conditions did not apply to the Appellant Company's appeal to the Chief of Directors Affected Executive Officer's Compensation The report increased chief executive officer's compensation, but did not specify the terms and conditions of the directors' report under section 218 (1) of the Companies Ordinance 1984. Under section 218 (1) of the ordinance, the company was fined Rs 5,000, the company had filed an appeal where there is any change in the contract of appointment of the chief executive officer, a summary of the said changes with the directors will be attached. ? Report in conjunction with a memorandum stating that the variable company was required to submit a summary of the variables, within twenty-one days from the date of the change of contract to each member of the company in the terms of the annual report of the relevant year That the company failed to explain the change in the contract of chief executive officer required under section 218 (1). The Companies Ordinance, 1984, in the mere mention report on compensation for directors, would not satisfy the requirement of section 218 of the Companies Ordinance, an improper order of 1984 under which the company was fined, not interfered with. App r. n
Related judgments — Securities and Exchange Commission of Pakistan, 2010
