AZMAT ALI SHEIKH, DIRECTOR/ CHIEF EXECUTIVE OFFICER versus EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 245 and 476 Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Securities and Exchange Commission (Appellate Bench Procedure) Rules, 2003, R17 (5), to which the Company shall prepare and file its profit and loss account. Had to do. Failure to file the balance sheet accordingly for the relevant constituencies within the specified period; on every director of the company for failure to comply with the provisions of section 245 (1) (b) of the Companies Ordinance. 20,000 was fined. Failure to record company affairs, including account books, such as 1984. By the former administration and other legal books. And the failure to hire the right professionals, the delay in filing the above accounts, cannot be justified, the maintenance of the books of accounts related to the affairs of the company was the responsibility of the company management. At the time of the issuance of the showcase notice, the new management of the company should have taken appropriate action to transfer the shares to its named directors and the chief executive of the company, they should have been aware of their legal obligations as per the legal requirements. Failure to submit the default company accounts, despite the issuance of the notice of cause and commencement of proceedings, could not be allowed that the action was not taken intentionally in the first quarter, the default was 265 days, While for the second quarter, the directors of the company for 142 days were completely disregarding the instructions of the officers, d Sections and Exchange Commission (Appellate Bench Procedure) Rules Section 245 (3) and Companies Ordinance, 1984.
Related judgments — Securities and Exchange Commission of Pakistan, 2013
