Law:

Section:

Companies Ordinance (XLVII of 1984)-------Ss. 158, 233, 282-J, M & 476---Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003, R.7(1)(db)---Failure to hold Annual General Meeting and to submit Annual account and balance-sheet---Company had failed to hold Annual General Meeting for relevant year, even within extended time; and Directors of the company had also failed to lay before the company in Annual General Meeting a balance-sheet and profit and loss account for relevant year, within stipulated period---Reasons put forth by the authorized representative of the company, did not carry merit and did not justify the default---Directors of the company were responsible to hold timely Annual General Meeting for providing timely information to its shareholders in order to enable them to consider and approve the significant matters like approval of accounts, appointment of auditors, election of Directors, performance of the company and other important issues relating to the company---Past record of the company revealed that the management of the company had committed such defaults in the past as well---Directors of the company had admitted their failure to fulfil the responsibility entrusted to them in the Companies Ordinance, 1984 with respect to presenting the financial statements of the company and holding Annual General Meeting for the approval of financial statements within the stipulated period---Since the company and its Directors had been penalized on similar non-compliance in the past, company and its Directors needed to take all the steps necessary to eliminate inefficiencies in the system that prevented the company from presenting the financial statements and holding Annual General Meetings on time---Explanations with regard to company's failure to furnish copy of its Annual report and other financial statements of the company to the Commission within the prescribed time as required under R.7(1)(db) of Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003, did not prove that failure or contravention or default took place or was committed without the Directors' knowledge---Commission, in exercise of powers…

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