Law: Companies Ordinance, 1984

Section: 158

(a) Companies Ordinance (XLVII of 1984)--Ss. 158, 476 & 477---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---S.R.O.161(I)/2004, dated 17-3-2004---Imposition of fine on failure of company to hold its Annual General Meeting---Company having failed to hold its Annual General Meeting for relevant year as required under subsection (1) of 5.158 of Companies Ordinance, 1984, penalty was imposed on the same and its Chief Executive Officer under Ss. 158 & 476 of Companies Ordinance, 1984 after issuing show-cause notice and providing opportunity of hearing---Company had challenged order imposing fine in revision---Company had a right of appeal against impugned order under S.33 of Securities and Exchange Commission of Pakistan Act, 1997, but they had chosen to file a revision under S.477 of Companies Ordinance, 1984---Only logical reason for said choice seemed to be the difference in limitation period as appeal was required to be filed within 30 days of impugned order while revision could be filed within 60 days---Commissioner could have converted revision into an appeal, but record had shown that revision petition was not filed within limitation of 30 days specified for appeal in S.33 of Securities and Exchange Commission of Pakistan Act, 1997---Revision could be converted into an appeal and vice versa, provided same was within the period of limitation---Jurisdiction to take cognizance of contravention under S.158 of Companies Ordinance, 1984 and impose penalty thereon having been duly delegated to Director under S.R.O. 161(I)/2004 dated 17-3-2004, Director had competently passed impugned order. 1995 CLC 1578 ref. (b) Companies Ordinance (XLVII of 1984)---- ----S. 477---Civil Procedure Code (V of 1908), Preamble---Revision---Scope--Applicability of C.P.C. to proceedings before the Commission---Civil Procedure Code, 1908, though did not apply to the proceedings before the Commission, but the broad principles of C.P.C. specified therein, could be referred to for guidance, especially where identical terms had been used by the Legislature---Revision generally had a limited scope compared to appeal and it would apply only in cases involving…

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