ALI KULI KHAN KHATTAK, CHAIRMAN, GENERAL TYRE & RUBBER COMPANY OF PAKISTAN LTD. KARACHI versus APPELLATE BENCH NO.II, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD
Sections 196 (4) and 208 (3) of the Securities and Exchange Commission of Pakistan Act (XLII of 1997), section 34, the shares of the affiliated company sold by the directors (appellant) of the market without special resolution to a particular company. They are sold at a lower price. At such meeting of the Board of Directors, the Board of Directors shall impose penalties on the appellants for their unlawful act, through such an act as a profit to the appellants at the expense of the shareholders of the company. A large amount of money was earned, which could result in destabilization already. Earlier, neither the right to violate the law nor such reforms were recognized by the provisions of the Companies Ordinance. Appellants of 1984 committed such acts knowingly and intentionally, for which the Company The maximum penalties provided in section 208 (3) of the Ordinance 1984 were not imposed on them. Court dismisses appeal in limine
Related judgments — Lahore High Court Lahore, 2010
