Sections 208 and 476 of the Company's Annual Accounts Examination for the Year of Investment in Related Companies without Special Interest Received and Interest Receipt It was disclosed that the Company's affiliated businesses There was a lot of money left in advance. Under section 208 of the Companies Ordinance, 1984, without special resolution authority was extended and no interest or mark was imposed; the Company's Directors failed to comply with the provisions of section 208 of the Company Ordinance 1984. The Company respects the advance in advance of the companies affiliated with it, saying that the development was not a loan to extraordinary trade, due to the interest / markup independent nature of these unauthorized advances, the Company intended the purpose and purpose of S, 208. Had suffered a great loss. The ordinance, 1984, was to protect a company against the transfer of funds of a company to the relevant companies or the acquisition of a company at the expense of the shareholders of such company, hence the special resolution of the shareholders of a company The Authority was mandated by law to make any investment, loan, advance, etc. companies. By deciding cases related to such incidents, some kind of relaxation defeats the whole purpose of any legislation. The circumstances of the case did not guarantee any sympathy for the company's directors, which in large part allowed the ruthless use of company funds for the benefit of the respective companies. The Company and its shareholders were found to be in breach of the provisions of section 208 of the Companies Ordinance, 1984;
Related judgments — Securities and Exchange Commission of Pakistan, 2009
