Failure to prepare and dispatch Section 245 quarterly accounts; Implementation of the fine company was required under the provisions of section 245 of the Companies Ordinance, 1984, to prepare and move the members as well as to the Registrar and the Commission in its quarterly Filing in accounts failed to do so. The chief executive, who had previously acknowledged that the company could not prepare the quarterly accounts due to changes in management and delays in annual audits, and had somewhat looked at the default in audit and management changes. Had requested to be kept. A compelling reason for shareholders not to submit a quarterly account; in such cases, it became more important for the shareholders to receive timely information about the company's affairs. The directors were obliged to ensure that they complied with all legal requirements. Company directors were responsible for the timely preparation and rotation / presentation of the quarter. The accounts of its members, registrars, and commissions and directors who failed to do so were denied shareholders their legal right to receive a timely quarterly account which established the record that the company and its directors and chiefs The executive had deliberately committed the default in the preparation, circulation and filing of quarterly accounts, however, keeping in mind the chief executive's submission that the quarterly account should be submitted as soon as possible. Keeping in mind, instead of imposing a maximum fine of Rs 100,000 on each director, Previously a fine of 1000, R a day for a permanent default for each quarter
Related judgments — Securities and Exchange Commission of Pakistan, 2010
