Law: Companies Ordinance, 1984

Section: 147,171,173,186,193,204-A,476

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

Section: 33

Companies Ordinance (XLVII of 1984)--- ----Ss. 147, 171, 173, 186, 193, 204-A & 476---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Failure to maintain register of members and index; default in complying with the directions of the Commission for holding the meeting; failure of company to cause a fair and accurate summary of the minutes of all proceedings of meetings and failure to have Secretaries---Appeal---Delay---Condonation of delay---Company having violated provisions of Ss.147, 171, 173, 186, 193 & 204-A of the Companies Ordinance, 1984, penalties were imposed on Chief Executive and other Directors of the company, who filed appeals against impugned orders before Appellate Bench of the Commission with a delay of more than six years---Section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 had stipulated only 30 days to file appeal---Application filed by the Directors of the company for condonation of delay, which was allowed by the Appellate Bench and delay was condoned---Plea of the company was that notices having not been served, the matter was proceeded ex parte---Corporate Supervision Department of the Commission, stated that notices were served in accordance with law to the company's registered address and its Directors' addresses, but the Directors failed to join the proceedings---Company having denied any such service of notices, opportunity of fair trial must be given to the company---Technicalities could not be allowed to create any hurdle in the way of substantial justice; law favoured adjudication on merits rather than technicalities---Impugned orders were set aside and matter was remanded to the Corporate Supervision Department of the Commission to decide the same afresh for providing an opportunity of hearing to the company---Company was directed to provide valid postal/contact details to the Commission for necessary correspondence. ORDER 1. This consolidated order shall dispose of following seven appeals: i. Appeal No. 47 of 2016 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 (the Act) against the order dated 09/02/10 (the Impugned Order) passed by…

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