ARIF HUSSAIN, CHIEF EXECUTIVE, ALI RAZA TEXTILE MILLS LTD. versus DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 244, 473 and 476 Securities and Exchange Commission of Pakistan Act (XLII of 1997), section 33 Companies failing to merge notes into accounts and directors' reports along with the Commission's report checking the accounts filed in the Commission's Enforcement Department. Annual audited accounts for the corresponding year, observed that the company failed to associate the account and the director's report as well as the notes filed with the Commission, without any reasonable explanation for the same director (enforcement), the company was not satisfied. In response to the showcase notice, the chief executive was fined Rs. 3,000 and Each director was fined a total of Rs. 15,000. Within 30 days of the order commissioning, the accounts did not agree with the fresh copy of the accounts and the director's report, with counsel for the company acting on section 244 under section 244 of the Company Ordinance, 1984 default of section 2476. In the present case, the company was compiled under section 244 of the Ordinance 1984, which was civil and not criminal. No need to set up the crime, Mains Ray Appellants believe that the default was not intentional, there will be no company merit directors, who do not use the proper skills and care required to submit accounts. It would be considered that the Directors of the Companies Ordinance failed to comply with the legal requirements of Section 244 of 1984, the respondents acted rightly against them. \ r \ n
Related judgments — Securities and Exchange Commission of Pakistan, 2014
