In Articles 196 and 476, the directors were unlawfully disclosed by the directors that the fine of the fourth quarter accounts of the company for the period related to the reduction of the property, plant and equipment and settlement of the fixed assets was disclosed that its property, plant. And the equipment has been reduced. Its 277 had reached Rs 1253.33 million from its previous balance of Rs 781. The company also received $ 550 million because no special business was proposed for approval from its fixed assets settlement company members, however, the company offered annual At the General Meeting it was revealed that the special business of disposing of substantial assets of the company was dealt with under another business. The company submitted that during the negotiations for the approval of the accounts, it was pointed out to a shareholder that due to the increasing financial cost of the loans, the company suffered major losses and if the liabilities If not adjusted, there will be a stage where the debt increase will be greater than the assets of the company, so the issue of sale of fixed assets for payment of section \ (3) of section 196 of the Companies Ordinance, 1984 It was determined that without the approval / consent of the General Meeting, the share of directors to sell, lease or promise Or the acquisition of disposable shares was not authorized, unless the Company's main business consists of such sales or leases unless the Directors have failed to respectfully state their position, comply. ? Ordinance of Companies, Section 196A, 1984 Section 196
Related judgments — Securities and Exchange Commission of Pakistan, 2009
