Law: Companies Ordinance, 1984

Section: 245

Companies Ordinance (XLVII of 1984)--S. 245---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Imposition of penalty---Appeal---Appellant Company which was required under S.245 of Companies Ordinance, 1984 to prepare and transmit its quarterly accounts for 3rd quarter to its members and Commission, prepared quarterly accounts and also transmitted them to the members, but failed to simultaneously file them with the Commission---Penalty was imposed on appellant for said omission after issuing show-cause notice and providing appellant opportunity of hearing---Validity---Law though required that accounts should be separately provided to the Registrar and Commission, but it seemed that no mala fide was intended by the appellant-Company or its management in not providing the accounts to the Commission---Office of Registrar of Companies was part of Commission and if accounts had been provided to the Registrar, there was no reason why those' could not have been provided to the Commission---Said default could have happened due to some oversight and same was not committed knowingly---Enforcement and Monitoring Department, in circumstances should have taken a lenient view, at best it should have warned the Company and its management to be careful in future---Impugned order was set aside with direction that amount deposited by appellant should be refunded by the Commission. ORDER 1. This order will dispose of Appeal No.17 of 2005 filed under subsection (1) of section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 by 'Mian Farooq Ahmed Sheikh, the Chief Executive Officer of Colony Sarhad Textile Mills Ltd. ('Company') against the order dated 5-4-2005 ('Impugned Order') passed by Executive Director (CLD). 2. Brief facts leading to this appeal are that the Company was required under section 245 of the Companies Ordinance, 1984, (`Ordinance') to prepare and transmit its quarterly accounts for the 3rd quarter ended on 30-6-2004, to its members and the Commission, within one month of the close of the said quarter. The Company prepared the quarterly accounts and also transmitted them to the members, but failed to simultaneously file…

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