Law: Securities Act, 2015

Section: 100,159,160

Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 33

Securities Act (III of 2015)--- ----Ss. 100, 159 160---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Failure to pay annual listing fee and to join the Central Depository System (C.D.S.)---Company (appellant) was placed on the defaulter Counter of Pakistan Stock Exchange (P.S.X.) due to its failure to pay Annual Listing Fee and to join the Central Depository System and the trading of the company shares was suspended---Commissioner (SMD) of the Commission issued a direction under S.100 of the Securities Act, 2015 to the Chief Executive Officer and other Directors of the company to take immediate steps to undo the alleged defaults within 41 days, but it failed to do so---Show-cause notice under S.160 of the Securities Act, 2015 read with S.100 of the Act was served on the company, as to why penal action be not taken against the company---Commission being dissatisfied with the response of the company imposed a penalty of Rs.500,000 on each of the Directors of the company---Counsel for the appellant company, admitted the alleged defaults of the company and requested to take lenient view without contesting the appeal on legal ground---Appellant company was still under suspension due to said defaults; ample time was provided to the company for rectification of default status or submitting any alternative plan, but it failed to do so---Company could not be allowed to linger on its non-compliant status on the PSX to the detriment of its shareholders---Penalty had been imposed on the Directors of the company in their personal capacity for their past conduct with respect to non-compliance of listing regulations since 2006; whereas inability to trade in the scrips was a punishment for the shareholders---Directors had rightly been penalized, in circumstances, and impugned order could not be interfered with. S. M. Suhail, F.C.A. for Appellants. Ms. Ayesha Riaz, Additional Director (CSD), Haroon Abdullah Abbas, Deputy Director (CSD), Farrukh Majeed Qureshi, Deputy Director (Insurance) and Shafiq-ur-Rehman, Deputy ORDER TAHIR MAHMOOD, COMMISSIONER (CLD).---This order shall dispose of the Appeal No. 17 of 2016 filed under section 33 of the Securities…

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