RAZA KULI KHAN KHATTAK, CHAIRMAN versus EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 208 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 extending the indebtedness period to relevant companies for investment and outstanding payment in related companies, the Executive Director of the Commission believed during the hearing. After being informed that this company will be charged a substantial amount against the goods received from the respective companies and will be fined Rs 50,000. Each director of the company had 312 days to collect the loan from the respective companies, whereas the directors of the company extended the period of extraordinary lending to the respective companies on the payment of dues, compared to 33 days for other commercial loans. The relevant concern was not mat ariel was not acceptable in the case of total sale In fact, under section 208 of the Companies Ordinance, 1984, the directors of the company invested in the respective companies and ordered them to influence the aforementioned investment. Should have received approval from shareholders before. It has to be intercepted and maintained. n
Related judgments — Securities and Exchange Commission of Pakistan, 2013
