Law: Companies Ordinance, 1984

Section: 222

Companies Ordinance (XLVII of 1984)--Ss. 222 & 224(4)---Failure to file return of beneficial ownership within stipulated period---Company being a beneficial owner of more than ten per cent of its ordinary shares, was required to file return of beneficial ownership within the period stipulated under S.222 of the Companies Ordinance, 1984, but it failed to discharge its obligation which attracted penal provision contained in S.224(4) of the Ordinance---Company had admitted its default, with the contention that default was not committed wilfully and knowingly and assured for timely filing of said returns of beneficial ownership in future and requested to condone the default in question---Record had revealed that company had filed the return promptly on receipt of letter from the Commission---Late filing of the return being not wilful, a lenient view of the matter was taken and the company was strictly warned to ensure timely compliance of S.222 of the Companies Ordinance, 1984. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSCID).---This order will dispose of the proceedings initiated under section 224(4) of the Companies Ordinance, 1984 ("Ordinance") by the Securities and Exchange Commission of Pakistan ("Commission") through Show Cause Notice No.S.M(B.O)C.O.222/4(2641)12 dated 31-7-2012 ("Notice") issued to Indus Dying and Manufacturing Company Limited ("Respondent"), a beneficial owner of more than ten percent equity security i.e. ordinary shares of Sunrays Textile Mills Limited ("Issuer Company"). 2. The facts of the matter leading up to aforesaid Notice are that the Issuer Company is a public listed company and the Respondent being a beneficial owner of more than ten percent of its ordinary shares was required to file return of beneficial ownership on Form 31, within the period stipulated under section 222 of the Ordinance. However, it failed to discharge the said obligation which attracts penal provisions contained in section 224(4) of the Ordinance. 3. Section 222(2)(b) of the Ordinance stipulate the period within which the Form 31 is required to be submitted as under:-- "in any other case, including a case where the company is listed on the stock exchange…

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