Law:

Section:

Companies Ordinance (XLVII of 1984)-------Ss.235 & 476--Transferring incremental depreciation from surplus on revaluation of fixed assets account to un-­appropriated profit--Imposition of penalty---Company had been transferring the incremental depreciation from surplus on revaluation of fixed assets account to un-­appropriated profit/accumulated loss through profit and loss account in contravention of S.235 of the Companies Ordinance, 1984---Explanation furnished on part of the company was not found satisfactory and case was fixed for hearing and on date of hearing Chief Executive appeared and he referred to the written submissions and stated that in his opinion the treatment adopted by the company did not affect the true and fair view of the state of affairs of the company---Chief Executive further argued that proper disclosure had been .made in the accounts; and the company had not tried to conceal any thing from the shareholders, he however admitted non-compliance with the requirements of S.235 of the Companies Ordinance, 1984 and assured to rectify the default in financial statements of the company---Default was established, however, in view of assurance given by the Chief Executive for future compliance, taking lenient view, instead of imposing a maximum penalty of Rs.20,000 on each Director, imposed a fine of Rs.10,000 on the Chief Executive of the company only for the said default---Other Directors were strictly warned to be careful in future. ORDER ALI AZEEM IKRAM, DIRECTOR (ENFORCEMENT).---Under section 235 read with section 476 of the Companies Ordinance, 1984. This order shall dispose of the proceedings initiated through Show-Cause Notice No.EMD/233/269/2002-3091 dated May 7, 2009 under the provisions of section 235 of the Companies Ordinance, 1984 ("the Ordinance) served on the Directors of Mian Textile Industries Limited (the Company). 3. It has been noticed from the annual audited accounts of the Company for the period ended June 30, 2008 that the. Company has been transferring incremental depreciation from "Surplus on Revaluation of Fixed Assets Account to un-appropriated profit/accumulated loss through profit and loss account in…

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