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

Section: 33

Law: Public Sector Companies (Corporate Governance) Rules, 2013

Section: R.24(3),25

Law: Companies Ordinance, 2016

Section: 508(2)

Law: Companies Ordinance, 1984

Section: 506(2)

Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----S. 33---Companies Ordinance (XLVII of 1984) [since repealed], S. 506(2)---Public Sector Companies (Corporate Governance) Rules, 2013, Rr. 24 & 25---Appellant was fined for not publishing, circulating and filing the Statement of Compliance (SOC) and Review Report with the Securities and Exchange Commission---Appellant contended that it manufactured strategic supplies for defence, therefore it was a sensitive entity which warranted specialized control environment and that authorities had issued show cause notice under S. 506(2), Companies Ordinance, 1984, however, the impugned order had been passed under S. 508(2), Companies Ordinance, 1984---Validity---Held; said legal defect did not prejudice the rights and liabilities of the parties, therefore, it was curable---Appellant's assertion regarding unique governance structure could not be entertained because it was mandatory for every public sector company to comply with the Public Sector Companies (Corporate Governance) Rules, 2013---Appellant could have asked for exemption under R. 24(3) of Public Sector Companies (Corporate Governance) Rules, 2013, however, no such course was adopted, therefore "unique governance structure" could not be treated as a tool to avoid legal and statutory requirements---Appeal was dismissed. THIS ORDER PASSED BY: FARRUKH H. SABZWARI, CHAIRMAN/COMMISSIONER (AML)---.--- 1. This Order shall dispose of Appeal No. 5 of 2017 filed under Section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 against the Order dated December 14, 2016 (Impugned Order) passed by the Commissioner (CCD) under Rule 25 of the Public Sector Companies (Corporate Governance) Rules 2013 (the Rules) read with section 508(2) of the Companies Ordinance, 2016. 2. Brief facts of the case are that Peoples Steel Mills 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 of the auditor (the Report) for the years ended June 30, 2014 and June 30, 2015, under Rule 24(1)(2) of the Rules. However, it failed to do…

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