Failure to prepare and transfer a Section 245 quarterly account Under the provisions of section 245 of the Companies Ordinance, the 1984 company was required to prepare and transfer its quarterly account to members, registrars and commissions. , But the company was unsuccessful in filing that the authorized representative of the quarterly account, appearing on behalf of all directors, had admitted by default, however, he claimed that the company was overwhelmed. There was a loss that forced the management to suspend its operations and shut down factory and head office staff. Have to There was no compelling reason for the company's factory ers not to submit a quarterly account to the shareholders; 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 compliance with all legal requirements and its members were responsible for the timely preparation and circulation of quarterly accounts; the Registrar and the Commission, in the present case, the Directors who failed to do so, provided the shareholders. In spite of the default, it had lost the legal right to receive quarterly accounts, but kept in view the fact that the company had filed, although the quarterly accounts said late, the matter was relaxed and everyone Instead of imposing a maximum of one lakh rupees on the director, the company ordinance, 1 Section 2 (3) of section 245 of 984 imposed a fine of Rs 100,000 on the chief executive of the company; other directors were strictly warned to be cautious in the future.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
