The Appellant Company was constituted for failure to hold annual general meetings against Sections 158 and 476 Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Appellant Company. An annual general meeting could not be held because the annual accounts were not finalized and that the management of the company was involved in litigation with the banks for settlement of the debts and the business of the company was suspended and its liability was settled. Left over The annual general meeting was held to protect investors / shareholders, despite the fact that the chief executive was behind those bars, with the board of directors behind bars. Delivery of timely, appropriate and meaningful information was essential and holding annual annual meeting will deprive investors / corporates of matters involving matters such as approval of accounts, appointment of auditors and selection of directors by default. The work is done, the director of the commission has already raised Rs. Anh imposed by the extreme easing option. The penalty for each appellant can be up to Rs. 50,000. An unknown order cannot be interfered with.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
