Law: Companies Ordinance, 1984

Section: 222

Companies Ordinance (XLVII of 1984)--Ss. 222(2)(b) & 224(4)---Failure to file return of beneficial ownership on prescribed form, within the stipulated time period---Bank which was holding more than ten per cent equity securities of issuer Company, was required under provisions of S.222(2)(b) of the Companies Ordinance, 1984 to- file its return of beneficial ownership on prescribed form, within the stipulated time period of 30 days, but it had filed the same with delay of 272 days---Default of late filing of return in question was admitted on part of the bank, but it was contended that said default was not committed wilfully and knowingly and assured for timely filing of the return in future; and requested to condone the default in question---Record had shown that bank had not made any purchase/sale transaction in the market and had filed said return promptly on receipt of letter from the Securities and Exchange Commission of Pakistan---Late filing of the return of beneficial ownership being not wilful, lenient view of the matter had been taken; and bank was strictly warned to ensure timely compliance of S.222 of the Companies Ordinance, 1984 in future. ORDER IMRAN INAYAT BUTT, DIRECTOR (SMD).---This order will dispose of the proceedings initiated under section 224(4) of the Companies Ordinance, 1984 ("Ordinance") by the Securities and Exchange Commission of Pakistan ("Commission") through Show Cause Notice No.S.M(B.O)C.O.222/1(150)11 dated 19-5-2011 ("Notice") issued to The Bank of Khyber ("Respondent") a more than ten per cent shareholder of Dawood Equities Limited ("Issuer Company"). 2. The facts of the matter leading up to aforesaid Notice are that it was observed from the record of this office that the Issuer Company is a public listed company. It was further observed that the respondent is holding more than ten per cent equity securities of the Issuer Company. Thus, pursuant to provisions of section 222(2)(b) of the Ordinance, the respondent was required to file its return of beneficial ownership on prescribed form, within the stipulated time period. But, it failed to discharge its said obligation which attracts penal provisions contained in section…

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