NASEEM SAIGOL, CHIEF EXECUTIVE versus EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 208, 473 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), the unauthorized investment in section 33 related companies and the under-tech company provided the developed funds to their affiliated companies for the purchase of textile machinery and cotton. Was not in the nature of a general business reputation and it was known that the Company's ordinance with respect to advance payment for the purchase of machinery violates Section 208 of the 1984 Act. Released due to the fact that instead of advance recovery, the related company increased the company's debt The merchandise ordinance was not the same as the general commercial credit clause provided in section 208 of 1984, clearly stating that the investment required to include investment \ inclusion \ forward \ and special resolution was prepaid and the same advance. Has been changed to Open & Credit affiliate company, and failed. The affiliate of the residual collection source used the company without any approval under section 208 of the Company Ordinance, 1984 the company paid the advance to the concerned company for the purchase of electricity. , Which became a longer-term obligation and also incurred certain costs without the permission of the shareholders. Been instructed. Under section 208 of the Companies Ordinance, 1984, such open loans cannot be called ordinary business credit without any special purpose. The fact is that the parties have a contract, such financial services will not be made ordinary business credit. Company directors use the company's funds. One year's amount of money offered by the company to support its shareholding process without the approval of the shareholders.
Related judgments — Securities and Exchange Commission of Pakistan, 2013
