Law: Companies Ordinance, 1984

Section: 222

Companies Ordinance (XLVII of 1984)--Ss. 222, 223 & 224---Public listed company was required under S.222(2)(c) of the Companies Ordinance, 1984 to file return of beneficial ownership on prescribed form within stipulated time period, but it failed to discharge said obligation, which attracted penal provisions contained in S.224(4) of Companies Ordinance, 1984---Company had admitted the default of late filing of the said return, with the contention that said default was not committed wilfully and knowingly and assured for timely filing of the returns in future and requested to condone the default in question---Submission made by the Secretary of the company was considered and Security and Exchange Commission agreed with the contention that the late filing of the return, was not wilful---Lenient view was taken and company was strictly warned to ensure timely compliance of S.222 of the Companies Ordinance, 1984. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSCID).---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.SM(BO)222/18(566-D)/96 dated 29-9-2011 ("Notice") issued to Mr. Shariq Iftikhar ("Respondent) Chief Executive of Diamond Industries 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 and the respondent is its Chief Executive. Furthermore decrease of 50,000 shares was also observed in shareholding of the respondent. Thus, pursuant to provisions of section 222(2)(c) of the Ordinance, he was required to file return of beneficial ownership on prescribed form, within the stipulated time period. But, he failed to discharge his said obligation which attracts penal provisions contained in section 224(4) of the Ordinance. 3. Section 222 of the Ordinance deals with the submission of statements by beneficial owners of listed securities. For convenience, the provisions of the said Section are reproduced hereunder:-- (1) Every director, chief executive, managing…

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