Law: Securities Act, 2015

Section: 100,159,160

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

Section: 22

Securities Act (III of 2015)--- ----Ss. 100, 159 160---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 22---Failure to pay listing fee---Appellant company having failed to pay listing fee and clear the outstanding dues to Pakistan Stock Exchange (PSX) to which the company was listed, despite direction of Securities and Exchange Commission within stipulated period, in violation of Securities Act, 2015; a penalty of Rs.500,000 was imposed on each of the Directors of the appellant company---Validity---Appellant company, as a listed company had an obligation to pay the full listing fee at once, and if the Directors of the company did not have the resources, they should not continue as a listed company---Allegations of a conspiracy against the company, were without any substance---Regardless of what was being negotiated with ‘PSX’, considerable time, i.e. two years since the company was put on the defaulter list, had lapsed---Company had not cleared the outstanding dues to ‘PSX’ as a result of which trading had not resumed; which was hurting the interest of shareholders, who neither had an opportunity to exit nor were they receiving any return on their investment---Order passed against the company was upheld, in circumstances. ORDER ZAFAR ABDULLAH, COMMISSIONER (SCD).---This Order is passed in the matter of Appeal No. 23 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. Brief facts of the case are that the Commission with a view to restore Dadabhoy Industries Limited (Appellant No.1) to the normal counter of the Pakistan Stock Exchange (PSX - Formerly Karachi Stock Exchange) in the interest of company shareholders, on 01/09/15, issued a direction to Chief Executive and Directors (Appellants 2-8) to take immediate steps to undo the defaults of the listing regulations (PSX Regulations) within 14 days of the date of the direction. The Appellants failed to comply with the direction or submit reply to the Respondent regarding the direction. 3. Show Cause Notice dated 16/10/15 (SCN) was issued to the Appellants in terms of…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492