MUHAMMAD ZAHEERUDDIN versus DIRECTOR (NBFC DEPARTMENT)
Sections 158 and 245 Securities and Exchange Commission of Pakistan Act (XLI of 1997), Failure to hold Section 33 Annual General Meeting and to file quarterly profit and loss account and balance sheet, enforce a criminal appeal against the Appellant / Company. Its annual holding was unsuccessful. General Meeting for the relevant term in the stipulated period; Company Directors were provided with an opportunity to be heard to explain the reasons for the failure of the Applicant / Company, which stated that the Company's resignation was due to the resignation of the Secretarial Staff. The office was closed for a while and the account could not be operated under the circumstances. Three directors were fined Rs 20,000 for failing to dissatisfy the company's response to the holding of the annual general meeting authority, three directors for not conducting the annual general meeting within the stipulated period, the company also to prepare its members. And failed to move. And the respective stock exchanges and commissions, its quarterly profit and loss accounts and the directors of the balance sheet company for the relevant period in the prescribed period, appeared personally and said that the quarterly account was not entered after the company's auditors resigned. And the authority did not approve the appointment of a new auditor. Three directors of the company, appellant / directors, filed an appeal against the order imposing a penalty in which another director was arrested. The director was not harmed by the impugned order because he was not fined because of delay in filing an appeal to the company that the company should not be condoned because of lack of funds. 'S account frozen
Related judgments — Securities and Exchange Commission of Pakistan, 2010
