Law: Companies Ordinance, 1984

Section: 227

Companies Ordinance (XLVII of 1984)--Ss. 227 & 472---Failure of company to make timely payment towards Employees' Provident Fund Trust---Accounts of the company for relevant year had revealed that a considerable amount was still payable towards Employees' Provident Rind, but the company had not made payment thereof towards accumulated outstanding balance of said Fund and company by said failure had violated provisions of S.227 of Companies Ordinance, 1984---Company, in response to the notice had stated that new management which had taken over the charge from consortium of Banks, was busy with the revival of the company which had to close its operations due to disconnection of electricity, gas and water and undertook to pay accumulated contribution of Provident Fund and regularize payment of same--Notice in terms of provisions of S.472 of Companies Ordinance. 1984 was issued to the company and its Chief Executive to make good the default in payment of Provident Fund by making payment of entire outstanding amount within specified period-On date fixed for hearing the matter, representative of the company, had reiterated that company was ready to repay outstanding amount to Fund in seven monthly instalments in view of liquidity position of the company---Such undertaking on part of the company had indicated its willingness to undo the irregularities and intent to abide by the law, it was before, ordered in circumstances that company would repay the entire outstanding amount to the Fund in seven equal monthly instalments---Report would be submitted, by the company to the Commission on the 20th day of each month along with the proof of payment of instalment. ORDER ASHFAQ AHMED KHAN, DIRECTOR (ENFORCEMENT).---This order shall dispose of the proceedings initiated against M/s Metropolitan Steel Corporation Limited (hereinafter A referred to as "the Company") and its Chief Executive under the provisions of section 472 of the Companies Ordinance, 1984 (hereinafter referred to as "the Ordinance"). 2. The facts leading to this case briefly stated are that examination of the annual accounts of the company for the year ended June 30, 2003 revealed that an amount of…

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