JAHANGIR ELAHI versus EXECUTIVE DIRECTOR (ENFORCEMENT)
Sections 188, 189, 193, 208, 214, 215, 216 and 217 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 disclosure of interest by the Directors of Investments and Companies in the respective companies to the Company Director. Appeal to Appointment Bench of Applied Bench of Honesty Commission on the Decision of the Company of which the Appellant Director shows that the short-term borrowing by Associate Companies was transferred by the Associate Companies to the Directors' Company. Which says the relevant company faced a tough backlash in relation to its business plan, Due to which liquidity was tightened and said that the respective company and the appellant / company director were unable to pay their loans to different banks, the two companies had entered into an agreement whereby the loan company was responsible for the loan. Including quota for negotiation of the company on the basis of textile products, commercial business transfer margin and good wishes etc. The Commission has made the provisions of Sections 193 (1), 214, 215 (1), 216 and 217 of the Companies Ordinance 1984. After submitting its response to six directors of the company under the auspices, the authorities decided to proceed on record basis. What, because the appellant / director's lawyer failed to appeal to the authority despite several opportunities for it, the authority approved an improper injunction to impose penalties on the appellant / directors of the company. After examining the annual accounts of the appellant's own company, the Commission came into action and was in the best interest of the shareholders and the responsibility of the company commission lenders.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
