Examining the Company's annual audited accounts for the relevant year, investing illegally in sections 208 and 476 related companies, disclosed certain transactions with the relevant company. Was for which the shareholder companies approved in terms of section 208 of the Companies Ordinance, 1984 was not achieved. Conditions have shown that the company acted as financier of the Associated Company at the expense of its shareholders. And has discouraged them from returning the money to any other mode directors of the company. Could have been imposed, in terms of which, the Companies Ordinance violated the provisions of section 208 of 1984 and was liable to penalties as set forth by the section 208 default under section 208 of the Companies Ordinance 1984. Was established, however, taking into account the circumstances of the company and its importance. The relevant company was taken in soft view and instead of imposing a maximum penalty of Rs 10 million on each director of IM, each of the seven directors was fined Rs 100,000.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
