Law:

Section:

Companies Ordinance (XLVII of 1984)--- ----S. 224---Making gain by beneficial owner of listed equity securities by purchase and sale transaction---Failure to make report and tender amount of such gain to company and send intimation to that effect to Registrar of Companies and the Commission---Section 224 of the Companies Ordinance, provided that where more than ten per cent beneficial owner of listed equity would make any gain by purchase and sale transaction, of any such securities, within a period of less than six months; such person was required to make a report and tender the amount of such gain to the company; and simultaneously send intimation to that effect to the Registrar of the Companies and the Commission---Section 224 of Companies Ordinance, 1984, had further provided that where such person would fail or neglect to tender, or the company would fail to recover any such gain within a period of six months after its accrual, such gain would vest to the Commission, unless such gain was deposited in the prescribed account---In the present case, neither the accrual of said gain was reported in Part-D of the prescribed returns of beneficial ownership, nor same was tendered to issuer company by beneficial owner---Issuer company, did not raise demand for recovery of said gain within the stipulated time limit---Beneficial owner, in circumstances, had contravened the provisions of S.224(1) of Companies Ordinance, 1984 and committed violation---Commission in exercise of powers conferred under S.224(4) of Companies Ordinance, 1984 imposed a fine of Rs.30,000 on beneficial owner---Issuer company, had also contravened the provisions of S.224(2) of Companies Ordinance, 1984 and had committed violation---Commission taking a lenient view also imposed a fine of Rs.30,000 on the company, in circumstances. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSRD).---This Order will dispose of the proceedings initiated through the following two Show Cause Notices (Notices):- i. No. S.M. (B.O)222/4(593)2001-228 dated 16/04/2013, issued under section 224(2) and section 224(4) of the Companies Ordinance, 1984 (Ordinance) to Fazal Cloth Mills Limited (Respondent-I) a issuer company in the…

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