Section 158 Failure to Conduct Annual General Meeting Within the Prescribed Period As per the provisions of Section 15 (1) of Section 158 of the Companies Ordinance 1984, the Company was required to hold an annual general meeting for the relevant period. The company failed to comply with the essential requirements of the law; one of the primary objectives of the Companies Ordinance, 1984, was the protection of investors / shareholders; these investors provided seed money for the formation of investors. If interests are protected, they will maximize investment and safeguard their interest through timely, appropriate and meaningful information delivery. These were annual and interim accounts, which provide investors with information about company affairs. The Annual General Meeting was a forum where investors could discuss account matters, appointments freely, discuss and vote on important matters. The auditors, the selection of directors, etc. were set by the company default, however, keeping track of the company's past track record and the fact that the company had held an annual general meeting, although the matter was delayed. I was soft-spoken and asked every director to be in default every quarter. Instead of imposing a maximum fine of Rs 500,000 and a daily fine of Rs 2,000, only the chief executive of the company was fined Rs 100,000 under section 158 of the Companies Ordinance. , 1984 and directors were strongly warned to be careful in the future. \ R \ n
Related judgments — Securities and Exchange Commission of Pakistan, 2010
