Law: Companies Ordinance, 1984

Section: 245

Companies Ordinance (XLVII of 1984)--Ss. 245 & 484(2)---Review application---Review application was filed by the company against order whereby a fine aggregating to Rs.120, 000 was imposed on the Chief Executive and five Directors of the company---Chief Executive and Directors of the company had requested in their application for waiving of amount of fine due to financial constraints faced by the company---In the review application, the Chief Executive and Directors of the company had not come with any new issue or new arguments in favour of their plea---All the arguments given in said application had been adequately addressed earlier---For review of an order it was imperative that applicant must bring out new facts or evidence, which could not have been produced at the time of passing of earlier order---No error or omission had been pointed out in impugned order which could have any significant impact on the order---Review application was dismissed. ORDER (under subsection (2) of section 484 of the Companies Ordinance, 1984) TAHIR MAHMOOD, EXECUTIVE DIRECTOR (ENFORCEMENT).---This order shall dispose of the review application filed against order dated October 20, 2008 passed by the undersigned whereby a fine aggregating to Rs.120,000 (Rupees one hundred twenty thousand only) was imposed on the Chief Executive arid five other Directors of Messrs Progressive Insurance Company Limited (hereinafter referred to as "the Company") for making default, in complying with provisions of subsection (1) of section 245 of the Companies Ordinance, 1984 ("the Ordinance"). 2. The review petition dated November 13, 2009 was filed by Mr. Ali Sarwar, authorized representative on behalf of the Chief Executive and Directors of the Company wherein he A requested for waiver of amount of fine due to financial constraints faced by the company. The Commission was requested to review the said order on the following grounds:-- (i) The company is…

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