Law: Companies Ordinance, 1984

Section: 158

Companies Ordinance (XLVII of 1984)--Ss. 158, 233, 234, 245, 472 & 495---Default in the accounts of Company and other irregularities---Directions to Company to undo said defaults and irregularities---Enforcement Department of the Securities and Exchange Commission, after examining financial statement of the Company pertaining to relevant year as provided by Auditors of the Company, found certain defaults and irregularities but such audited accounts had not been made in conformity with the requirements of S.234 of Companies Ordinance, 1984---Matter was taken up with the Auditors of the Company, who admitted that accounts of the Company for relevant year did not depict the true and fair view of the state of affairs of the company---Auditors of the Company were penalized for their incorrect opinion---Company also failed to hold its annual general meeting to lay therein annual audited accounts and to file quarterly accounts for the first, second and third quarters---Commission, in circumstances, considered necessary to direct the Company to undo said defaults---Notice under S.472 of Companies Ordinance, 1984 was issued requiring the Company to make good continuing defaults relating to annual and interim accounts within specified days, but Company did not respond to said notice---Protection of the investors/share-holders was one of the key objectives of Companies Ordinance, 1984 as investors/share-holders provided seed for capital formation---Such persons did not have any direct control over the Company, apart from that they elect Directors for a period of three years and hand over the affairs of the Company to them in the expectation that they would manage the Company in a prudent manner---In order to protect interests of shareholders Ss. 233, 234 & 245 of Companies Ordinance, 1984 required that timely, adequate, meaningful and true and fair information was transmitted to them in formal annual and interim account reports---Violation of said mandatory provisions of Companies Ordinance, 1984 could not be ignored---Commission, in circumstances initiated proceedings against the Company under Ss. 158 & 245 of Companies Ordinance, 1984---Company was also…

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