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

Section: 33

Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----S. 33---Appeal to the Appellate Bench of the Commission---Adjournment sine die---Scope, being one of the Directors, was imposed a penalty contended that he had filed a petition in the High Court for deletion of his name as Director which was pending adjudication and prayed that the proceedings in the appeal might be adjourned till the decision of the High Court---Validity---Held; no restraining order with respect to the proceedings was available before the Appellate Bench of the Commission, however, a decision by the High Court would resolve the controversy pending through the appeal and respondent were directed to intimate the Appellate Bench about the decision of the High Court. INTERIM ORDER 1. This Order is passed in Appeal No.45 of 2018 filed by Mr. Wasif M. Khan (Appellant) under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 (SECP Act) against the order (Impugned Order/Letter) dated 04/10/18 passed by the Executive Director, Corporate Supervision Department (Respondent). 2. The brief facts of the case are that Nirala MSR Foods Limited (Company) was required to hold its Annual General Meeting (AGM) for the year ended 30/06/16 on or before 31/12/16, pursuant to section 158(1) of the Companies Ordinance, 1984 (Ordinance). However, records of the Company revealed that it failed to convene the AGM as prescribed under the law. Furthermore, the Company failed to file its interim financial statements pursuant to section 245 of the Ordinance with the Securities and Exchange Commission of Pakistan (the Commission) within the time stipulated for the following quarters: Quarter ended Filing due on December 31, 2015 February 29, 2016 March 31, 2016 April 30, 2016 September 30, 2016 October 31, 2016 3. It was alleged that the chief executive and the directors of the Company had, contravened the requirements of section 158 and section 245(3) of the Ordinance, therefore, a Show Cause Notice dated 24/02/17 (SCN) was issued which was not responded to. Hearing in the matter was fixed for 21/03/17, 16/01/18, and 2/07/18, however, no one appeared. In the circumstances, the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492