RAZI KULI KHAN KHATTAK versus EXECUTIVE DIRECTOR (ENFORCEMEN)
Section 196 (4) and 208 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), section 33 apply penalties for investment in the relevant company and actions taken in violation of the law for the appellant bench of the appellant company's commission management. One subscribed to 302,100 rights shares. With regard to the company affiliated with it and considering that the records of the company have been considered, it has been observed that after the purchase of the rights of the respective company, any special pursuant to the terms of Section 208 of the Companies Ordinance, 1984 The resolution was not approved. , It is observed from the shares of another affiliated company that the shares of the relevant company were sold at a lower price than the market value, then the order designated under the Executive Director (Enforcement) imposed a total fine. Was. Applicant having a sincere relationship with the company with a collective penalty of Rs. 500,000 and Rs. 500 in violation of Section 196 of the Companies Ordinance, to the Directors for violation of Section 208 of the Ordinance Directors of the Company. , Should have worked in the best interests of the company, but instead they worked collectively in their own interest and sold their shares. The company made a profit of Rs 520 million at the minimum cost and at the cost of the company's shareholders. Appellants failed to show that the permission of the respective companies to collect was not sufficiently high for the other customers as in the defective order. It has been stated that the preferential treatment of the companies dealing with the Executive Director (Enforcement) was not a normal business loan, in which case, by imposing fines and loss of Rs 520 million to the applicants.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
