Law: Companies Ordinance, 1984

Section: 237,237(8)

Companies Ordinance (XLVII of 1984)--- ----S. 237---Consolidated financial statements---Company, applied under S. 237(8) of Companies Ordinance, 1984 for grant of waiver from consolidation of financial statements of the wholly owned subsidiaries---Deputy Registrar of companies, held that the company's stance that consolidation of financial statements of the group companies would have insignificance impact due to disproportionate net equity ratio in respect of subsidiaries, being without any cogent justification, exemption sought by the company under S.237(8) of the Companies Ordinance, 1984, could not be granted---Form 'A' of the annual return of the company showed that all shareholders were individuals; and that no public interest would be affected as a result of waiver from consolidation of financial statements---Financial position, as well as the status of the wholly owned subsidiaries of the company had shown that the consolidation of financial statements of subsidiaries, would have insignificant impact on the financial result of the group---Waiver had been granted to the company from consolidation of wholly owned subsidiaries on the same grounds as in the previous years---Waiver was allowed to prepare consolidated annual financial statements. ORDER 1. This order is in Appeal No 50 of 2012 filed under section 33 of the Securities and Exchange Commission of Pakistan (the "Commission") Act, 1997 against the order (the "Impugned Order") dated 08/10/2012 passed by the Respondent. 2. Novatex Ltd vide letter dated 20/09/2012 made an application under section 237(8) of the Companies Ordinance, 1984 ("the Ordinance") vide letter dated 20/09/2012 to grant waiver from consolidation of financial statements of the wholly owned subsidiaries G-Pac Corporation USA, Novatex Power (Pvt.) Ltd. and Kyrstopac Energy (Pvt.) Ltd. with the parent company M/s. Novatex Ltd. for the accounting year ended 30/06/2012. 3. It was held by the Deputy Registrar of Companies through letter dated 08/10/2012 that the Novatex Ltd's stance that consolidation of financial statements of the group companies would have insignificant impact due to disproportionate net equity ratio in respect of…

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