Law: Companies Ordinance, 1984

Section: 305,309(c),158,233,245

Companies Ordinance (XLVII of 1984)--Ss. 305, 309(c), 158, 233 & 245---Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003, Rr. 37, 38, 39 & 40---Winding up of the company---Violation of various provisions of regulatory framework--Securities and Exchange Commission of Pakistan, found the company to be in violation of various provisions of the regulatory framework that appeared to be prejudicial to the interests of the shareholders of the company---Show­cause notice was issued to the company pointing out that the company had failed to obtain registration under R.38 of Non-Banking Finance Companies (Establishment and Regulation) Rules, 2002; that it failed to hold its Annual General Meeting for the relevant year as required under S.158 of the Companies Ordinance, 1984; that company had failed to prepare the annual accounts for the relevant year and that company had failed to appoint a custodian with prior written approval of the Commission in terms of R.40(1) of Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003---Investigation report had clearly established that affairs of the company were severely mismanaged, its management was guilty of misconduct and had carried out business of the company in a manner oppressive to its members and the financial position of the company was such as to endanger its solvency---Company was not only financially insolvent, but also not a going concern and had been violating Rr. 38, 39 & 40(1) of Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003, as well provisions of Ss. 158, 233, 245 of Companies Ordinance, 1984 and consequently was jeopardizing and oppressing the interests of the members of the company---Commission, in exercise of its power under S.309 of the Companies Ordinance, 1984, authorized the Joint Registrar, Company Registration Office to present a petition for winding up of the company in High Court. ORDER ASIF JALAL BHATTI, EXECUTIVE DIRECTOR (SCD).---This order shall dispose of the proceedings initiated against Messrs Investec Mutual Fund Limited (the "Company") through a Show-Cause Notice ("SCN" ) dated February 4, 2010 under the provisions…

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