Law: Companies Ordinance, 1984

Section: 173,476,492

Companies Ordinance (XLVII of 1984)--Ss. 173, 476 & 492---Passing of resolution without convening meeting and giving false statement---Imposition of penalty---Supreme Court vide its order directed the Securities and Exchange Commission to conduct an inquiry and submit report with regard to the Passing of so-called resolution approved by Central Executive Committee of the Pakistan Sugar Mills Association---Commission after conducting inquiry submitted the report wherein it was stated that no valid meeting of Central Executive Committee of the Association was held---Record and statements of members with regard to passing of alleged resolution reflected that neither formal notice was issued to the members for any such meeting to be held nor proper minutes were recorded and circulated to the members within the time stipulated under S.173(1) of the Companies Ordinance, 1984---No valid meeting was held and no valid resolution was passed-Resolution placed before the Supreme Court was false and fake, in circumstances---False resolution was presented before the Supreme Court by deliberately concealing the material facts about the lapses in calling and convening of meeting, which was material in nature; and could not be ignored which attracted penal provisions as contained in Ss.492 & 476 of Companies Ordinance, 1984---However, as no valid meeting was held, S.173 of Companies Ordinance, 1984, had become irrelevant---Acting Chairman of Pakistan Sugar Mills Association was imposed penalty of Rs.500,000 and penalty of Rs.100,000 was imposed on Secretary General of said association. Athar Minallah along with Javed A. Kayani, Acting Chairman and Iskander Khan, Chairman of the Pakistan Sugar Mills Association. ORDER NAZIR AHMAD SHAHEEN, EXECUTIVE DIRECTOR, (REGISTRATION).---This Order shall dispose of the proceedings initiated through show cause notice dated 18-10-2010 under sections 492 and 173 read with section 476 of the Companies Ordinance 1984 (the "Ordinance") in the matter of Pakistan Sugar Mills Association (the "PSMA" or the Association"). 2. The brief facts of the case are that the honourable Supreme Court of Pakistan, vide its order dated 2-10-2009, passed…

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