Law: Companies Ordinance, 1984

Section: 233(5),492

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

Section: 33

Companies Ordinance (XLVII of 1984)--- ----Ss. 233(5) & 492---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Revaluation of fixed assets---Failure to account for the deferred tax impact of the revaluation---Company had revalued its fixed assets by Rs.119 million, and reported an amount of Rs.336 million on account of surplus on revaluation of property, plant and equipment---Company had not accounted the deferred tax impact of the revaluation in accordance with requirements of International Accounting Standard ("IAS")---Response of the company was not found satisfactory, show-cause notice was issued to the company for contravention of S.492 of the Companies Ordinance, 1984---Company having failed to satisfy the Head of Department (Enforcement) of the Commission regarding compliance of the requirements of International Accounting Standard (IAS) and S.492 of the Companies Ordinance, 1984, opportunity of personal hearing was provided--- In view of fact that the financial statements for the year ended 30-6-2013, had been rectified by the company in accordance with requirements of "IAS", and assurance provided the company to remain careful in future, a fine of Rs.30,000 was imposed on the Chief Executive with stern warning to remaining Directors of meticulous compliance with "IAS" and provision of the Companies Ordinance, 1984 in future---Company failed to prepare its financial statements in accordance with Companies Ordinance, 1984---Contention that there would have been no material impact on the presentation of financial position and performance of the company, did not hold ground---Company had violated the express provisions of law, which was not in accordance with justice and rule of law---If law required that an act must be done in a particular way, it should be done in that manner as prescribed by law---Plea that the default was not wilful or intentional, had not been supported by any evidence and submission of company was a mere plea without any justification---No reason existed to interfere with the impugned order. THIS ORDER PASSED BY: ZAFAR ABDULLAH, COMMISSIONER (SCD):---.--- 1. This order shall dispose of Appeal No. 05 of…

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