RAFIQUE DAWOOD versus COMMISSIONER (SPECIALIZED COMPANIES DIVISION)
Sections 282B, 282D, 282I, 282J, 282 M&196 (2) (E) Non-Banking Finance Companies Rules, 2003, R7 (2) (H) Prudential Regulations, Regulation 6 (1) (E) Investing in undisclosed shares in violation of the General Clauses Act (X of 1897), Sections 6 (c) and 13 (2) of the Securities and Exchange Commission of Pakistan Act (XLII of 1997), Sections 10 and 33 Appeal to the Appeal Bench Upon inspection of the Appellant's company site to determine its financial health, inspectors concluded in the inspection report that the company had violated the rules and regulations without the Commission's approval. Four companies Have invested equity in their non-equity share. Applicant company and company directors were issued show cause notices, who responded that the notice commission, not satisfied with the response, approved an improper order to impose a fine of Rs 1 million on the chief executive officer and every director who serves Bo. ? Report of the assignment under section 10 of the Order of Directors Securities and Exchange Commission of Pakistan Act, 1997 under Section 282J of the Companies Ordinance, 1984, on the violation of the powers of the Commission and officers. Shared. Appellants, who were probably made to ensure that nothing was wrong with the inspection report, otherwise the lawyer for the appellant failed to identify any of the provisions of the Ordinance, 1984, under which the appellant The final inspection report was required to be shared with the provider. Three years ago, approval for investing in defaulted and unsecured shares was sought
Related judgments — Securities and Exchange Commission of Pakistan, 2010
