| Citation(s) |
|---|
| 2019 SLG 3237 2019 SLD 3237 2019 CLD 1372 |
Securities and Exchange Commission of Pakistan
Appeal No. 29 of 2017, decision Dated: 19-04-2019. Dates of hearing: 21st February and 21st March, 2019.
FARRUKH H. SABZWARI, CHAIRMAN/COMMISSIONER (AML)
Petitioner(s) by: Abdul Qadeer and Abdul Rehman
Respondent(s) by: Jawed Hussain, Executive Director (CLD-CCD), Sidney Custodio Pereira, Additional Registrar (CLD-CCD), Sumaira Siddiqui, Additional Director (CLD-CCD), Abdul Qayyum, Joint Director (CLD-CCD
Appeal No. 29 of 2017, decision Dated: 19-04-2019. Dates of hearing: 21st February and 21st March, 2019.
FARRUKH H. SABZWARI, CHAIRMAN/COMMISSIONER (AML)
Petitioner(s) by: Abdul Qadeer and Abdul Rehman
Respondent(s) by: Jawed Hussain, Executive Director (CLD-CCD), Sidney Custodio Pereira, Additional Registrar (CLD-CCD), Sumaira Siddiqui, Additional Director (CLD-CCD), Abdul Qayyum, Joint Director (CLD-CCD
PAKISTAN TOURISM DEVELOPMENT CORPORATION LIMITED
VS
COMMISSIONER (COMPANY LAW DIVISION) CORPORATIZATION AND COMPANIES DEPARTMENT, SECP
Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)
Section: 33
Law: Public Sector Companies (Corporate Governance) Rules 2013
Section: R.24,24(1)(2),25
Law: Companies Ordinance, 1984
Section: 506(2)
Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----S. 33---Companies Ordinance (XLVII of 1984), S. 506(2)---Public Sector Companies (Corporate Governance) Rules, 2013, Rr. 24 & 25---Appeal---Penalty for contravention of Rules---Scope---Fine was imposed for not publishing, circulating and filing the Statement of Compliance (SOC) and Review Report with the Securities and Exchange Commission---Appellant company contended that non-compliance of Rules was on account of uncertainty regarding its future of the company as National Accountability Bureau had taken its record into custody---Validity---Appellate Bench taking a lenient view converted the penalty of fine into warning---Appeal was disposed of accordingly. THIS ORDER PASSED BY: FARRUKH H. SABZWARI, CHAIRMAN/COMMISSIONER (AML)---.--- 1. This Order shall dispose of Appeal No. 29 of 2017 filed under Section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 against the Order dated January 25, 2017, passed by the Commissioner (CCD) under Rule 25 of the Public Sector Companies (Corporate Governance) Rules 2013 (the Rules) read with section 506(2) of the Companies Ordinance, 1984. 2. Brief facts of the case are that Pakistan Tourism Development Corporation Limited (the Appellant) was required to publish, circulate and file with the Securities and Exchange Commission of Pakistan, a Statement of Compliance (the SOC) and Review Report (the Resort) of the auditor for the years ended June 30, 2014 and June 30, 2015 under Rule 24(1)(2) of the Rules. However, the Appellant failed to do so, therefore, a Show Cause Notice dated April 28, 2016 (the SCN) was issued to the Appellant and its directors/officers. 3. The Appellant replied to the SCN vide a letter dated June 3, 2016 and informed the Respondent that after the eighteenth constitutional amendment, the subject "tourism" had been abolished from the concurrent list and Inter Provincial Coordination Division had suggested the Appellant's…
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