Law:

Section:

Securities Act (III of 2015)--- ----Ss. 100 & 160---Failure of company to hold Annual General Meetings, to pay two years annual listing fee and failure to join Central Depository System---Trading of company shares was suspended in consequence of such defaults---Show-cause notice was issued to company, but despite ample opportunities, no one appeared on the behalf of the company; consequence Commission imposed a penalty of Rs.500,000 on the Directors of the company including the nominee Director of the company---Case of nominee Executive Director of the company was that he had very limited role into the affairs of the company and he had raised his concerns through letters/dissenting roles whenever any irregularity or illegality with respect to company came into his knowledge---Commission acknowledged such claim of the appellant---Role of a nominee director was more critical than Executive Director, because he sat on Board of Directors and represented and safeguarded the interest of the institution which nominated him---Non-executive director had no active role in the day to day affairs of the company, he however, had the right to object non-compliance committed by Management of the company---Appellant being nominee Executive Director, had time and again asked the Management of the company to comply with legal requirements, but company failed to comply with---By considering nominee Executive Director's partial compliance, his appeal was allowed and impugned order was set aside to his extent, with direction to appellant to avoid similar non-compliance in future, otherwise strict action would be taken in accordance with law. THIS ORDER PASSED BY: ZAFAR ABDULLAH, COMMISSIONER (SCD):---.--- 1. This order shall dispose of Appeal No. 11 filed against the order dated 05/04/16 (the Impugned Order) passed by the Respondent under section 160, read with section 100 of the Securities Act, 2015 (the Act). 2. Brief facts of the case are that Hashmi Can Company Limited (the Company) was put on the defaulter counter of PSX on 03/01/07 due to failure to hold Annual General Meetings (the AGMs), failure to pay two years annual listing fee and failure to join Central Depository…

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