Law:

Section:

Companies Ordinance (XLVII of 1984)-------Ss. 305 & 309---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Securities and Exchange Ordinance (XVII of 1969), Ss.18, 21 & 22---Winding up of company and closing its offices without prior permission---Failure of company and its Directors to co-operate and assist the Enquiry Officers in conducting and completing the enquiry---Stock Exchange, informed the Commission that company, which had filed a winding up petition before High Court, had closed its offices registered with Stock Exchange without any prior intimation, in violation of Regln.10 of Regulation Governing Lahore Stock Exchange Members/Branch Offices for conducting the business; and trading of shares and securities within/outside the Exchange---Stock Exchange switched off all trading terminals of the company---Company vide letter was advised to settle all outstanding complaints before winding up of the company; and was further advised to attend a meeting through video conferencing, but company failed to provide any concrete arrangement for settlement of claims/complaints---Stock Exchange informed that the company had been expelled from the membership of the Exchange---Subsequently Central Depository Company also suspended admission of the company to the Central Depository System---Initial scrutiny of documents, record and contents of the winding up petition, had revealed several discrepancies, violations, non-compliances and pending investors' claims against the company---Commission appointed Enquiry Commission to enquire into the matter to outstanding investors claims against the company---Company and Directors were directed to fully co-operate with and assist the Enquiry Officers in conducting and completing the enquiry---Interim report submitted by Enquiry Officers had revealed that company and its Directors had submitted false and incorrect information/statements; and also failed to provide the relevant record and information as directed by the Enquiry Officers, despite repeated directive---Company having failed to comply with requirements of S.21 of Securities and Exchange Ordinance, 1969, Rules and Regulations made…

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