Law: Companies Ordinance, 1984

Section: 245

Companies Ordinance (XLVII of 1984)---Ss. 245 & 476---Failure of Company to file its quarterly accounts within prescribed time period---Imposition of penalty---Company having failed to file its quarterly accounts within prescribed period, such failure of the company had necessitated action against responsible Directors of the company in terms of subsection (3) of S.245 of Companies Ordinance, 1984---Preparation and circulation of quarterly accounts was one of the statutory obligations of the Directors of the company and they were supposed to make serious efforts to ensure the compliance of relevant provisions of law, but Directors had not made serious attempt to prepare and transmit said quarterly accounts within prescribed time---Disregard of law by the' company and its Directors was also evident from unsatisfactory track record of the company regarding compliance of statutory provisions---Chief Executive and Directors of the company had been penalized a number of times in the past also for defaults in compliance with the mandatory provisions of Companies Ordinance, 1984---Fine was imposed on the company after issuing show-cause notice and providing it opportunity of hearing---Taking lenient view amount of penalty imposed on company and its Directors, was reduced accordingly. ORDER JAVED K. SIDDIQUI, EXECUTIVE DIRECTOR (CL).---This order shall dispose of the proceedings initiated against the Directors of M/s Pakistan PVC Limited (hereinafter referred to as the "Company") for defaults made in complying with the provisions of subsection (1) of section 245 of the Companies Ordinance, 1984 (the "Ordinance"). 2. The facts leading to this case, briefly stated, are that in terms of the provisions of section 245 of the Ordinance, the Company was required to prepare and transmit to the members and simultaneously file with the Registrar and the Commissioner its quarterly accounts for the 2nd quarter ended on December 31, 2003 and 3rd quarter ended on March 31, 2004 by February 29, 2004 and April 30, 2004 respectively. The Company failed to file the aforesaid accounts within the prescribed time period. The failure of the Company to comply A with the aforesaid…

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