Law: Companies Ordinance, 1984

Section: 282

Companies Ordinance (XLVII of 1984)--Ss. 282 & 282-M---Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003, Rr. 5(2)&(6) & 7---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Refusal to grant licence and imposition of fine---Appeal---Equity of appellant-Company being deficient in terms of R.5(2) of Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003, licence to commerce leasing business was not granted to appellant-Company by Commissioner---Audited accounts of appellant-Company for relevant year had revealed that auditors had placed certain qualification in their report---Show-cause notice was issued to appellant and after providing opportunity of hearing, fine was imposed on the Chairman, Chief Executive Officer and Directors of appellant-Company on allegation that annual accounts of appellant-Company did not depict true and fair picture of Company's affairs---Validity---Impugned order was not a speaking order---Detailed response was filed by appellants to show-cause notice issued to appellants, but impugned order did not even mention that said response was filed by appellants---Commissioner had also not provided any reason for his findings---Case was remanded to Commissioner to decide afresh after taking into consideration the contentions of appellants. ORDER 1. This Appeal No.6 of 2005 has been filed under subsection (1) of section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 by Inter Asia Leasing Company Ltd. ('Company'), its Chairman, Chief Executive Officer and Directors (together referred to as the 'appellants'), against the order dated 9-3-2005 ('Impugned Order') passed by the Commissioner (Specialised Companies Division). 2. Brief facts of the case are that the Company which was incorporated in year 1992 was granted a licence to commence leasing business on April 26, 1993 in terms of S.R.O. 520(I)/92 dated May 27, 1992. After the promulgation of Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 ('NBFC Rules'), every company which was engaged in any one or more of the businesses specified in section 282A of the Companies…

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