Law: Companies Ordinance, 1984

Section: 158

Law: Securities Act, 2015

Section: 100,159

Law: Constitution of Pakistan, 1973

Section: 33

Companies Ordinance (XLVII of 1984)--- ----S. 158---Securities Act (III of 2015), Ss.100 159---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Failure to hold Annual General Meeting and default of Listing Regulation by Company---Company had been on the defaulter counter of Pakistan Stock Exchange (PSX), due to failure to hold its Annual General Meeting for two consecutive years; consequently, the trading of the company’s shares had been suspended---Securities and Exchange Commission, with a view to restore the company on the normal counter of the (PSX), issued a direction to the Directors of the company to take immediate steps to undo the defaults of the Listing Regulations within 14 days, but they failed to comply with said Directive; consequently a penalty of Rs.500,000 was imposed on each of the Directors of the company---Validity---Company had a good track record and had a successful history where it had always strived to be a law abiding company in terms of its standards of compliance with rules, regulations, procedures and laws---Company was also in the process of re-aligning itself and sorting out its financial difficulties---Benefit would be for the shareholders, who could expect a return on their investments as soon as the company would fully comply with the Listing Regulations and was restored to the normal counter of PSX and trading resumes in company shares---Directors of the company had also satisfactorily shown that they were in the process of fully complying with the Listing Regulations and restoring the company to the normal counter of PSX---Penalty imposed on the Directors of the appellant company through impugned order was converted into a warning and the Directors were directed to ensure compliance of relevant provisions of the law and Listing Regulations in future and restoration in trading of its shares at PSX by removal from defaulters counter. ORDER ZAFAR ABDULLAH, COMMISSIONER (SCD).---This Order is passed in the matter of Appeal No. 20 of 2016 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 against the Order dated 05/04/16 (the Impugned Order) passed by the Respondent. 2.…

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