Implementing a fine company using provident fund trust funds in contravention of the essential provisions of Articles 226, 227, 229 and 476 of the Companies using the funds of the Provident Fund Trust to comply with the provisions of the Ordinance, 1984 I was unsuccessful. Companies did not make any payment to the Provident Fund Trust in clear violation of Section 227 of the Ordinance, 1984 the Company did not receive any money from the Scheduled Bank in violation of Section 226 of the Companies Ordinance, 1984 The law did not. Allow any company to use Provident Fund funds for their own business purposes. The Company and its directors breathed the necessary conditions of Sections 226 and 227 of the Companies Ordinance, objecting that the provisions of law Was to save money from employees. Contribution to a provident fund for the benefit of the employees of the company through the method of company trust requires the law that all proceeds are paid to the employees as well as to the company's contribution, if any, The deposit had to be made within the day and the amount was deposited in the securities, but the company failed to do so. Therefore, the company recognized its default, action was required against the company under section 229 of the company ordinance, the company's chief executive of 1984 was fined Rs 5,000, other directors of the company were cautioned in the future. ? \ r \ n
Related judgments — Securities and Exchange Commission of Pakistan, 2009
