MUSSAID HANIF, CHIEF EXECUTIVE versus HEAD OF DEPARTMENT (ENFORCEMENT), SECP
Sections 492 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), the payment of profit to Section 33 shareholders, the ban on the issuance of Mains Re said the proposed dividend annual shareholders approval at the Annual General Meeting Bank. Submitted to one of the Company's creditors, the Board was informed of its reservations about the Board's decision and informed the Commission that the Company had made the right decision. Signed a termination / restriction letter, and re-entered into a term / restriction agreement. That both said that the letter and the agreement had clearly barred the company from paying dividends to the company without the bank's prior approval, telling the commission that it had taken a stand with the High Court against the payment of profit by the company's directors. Order received. Profit was announced only for minority shareholders, while directors with substantial shareholders said their right to receive profit was lost. This profit was in the interest of the shareholders. And strictly declared in accordance with the provisions of the Companies Ordinance, the material fact relating to the declaration / payment restriction of dividends in 1984, in the relevant notes under the showcases notice notice in the account under Sections 492 and 476 of the Company. Not disclosed. The ordinance was issued to the directors of the 1984 Company Commission, expressing dissatisfaction with the directors' response, stating that, under an unknown order, each appellant / director of the company imposed a fine of Rs 400,000 on the appellant / directors. had gone. The Mans Rica Companies Ordinance was a component of Section 492 of 1984, which was amended by a fine
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