Law: Companies Ordinance, 1984

Section: 227,229,476,495

Companies Ordinance (XLVII of 1984)--Ss. 227, 229, 476 & 495---Failure to transfer regular provident fund contribution to provident fund trust---Imposition of penalty---In terms of provisions of S.227 of the Companies Ordinance, 1984, the company was required to pay the provident fund contribution to provident fund trust within 15 days of collection---Company was also required to pay previous liabilities of provident fund---Examination of the annual audited accounts of the company for the relevant year had revealed that the Auditors of the company had qualified their report on the accounts for the company's failure to transfer current provident fund contribution and past dues to provident fund trust within the stipulated time---Mandatory provisions of Ss.227 & 495 of the Companies Ordinance, 1984 had been breached attracting the penal provisions of Ss.229 & 495 of the Companies Ordinance, 1984--Action therefore was necessary under said provisions of the Companies Ordinance, 1984---Considering the default and circumstance of the case, lenient view was taken and instead of imposing the maximum penalty, a fine of Rs.5,000 under S.229 of the Companies Ordinance, 1984 and Rs.15,000 under S.495 of said Ordinance was imposed on Ex-Chief Executive of the Company. ORDER ALI AZEEM IKRAM, DIRECTOR (ENFORCEMENT).---This order shall dispose of the proceedings initiated through show-cause notice No.EMD/233/373/2002-3846 dated April 30, 2008 against Mr. A. Rafique Khan, Ex-Chief Executive of Dandot Cement Company Limited (DCCL) under the provisions of section 227 and section 495 read with section 229 and section 476 of the Companies Ordinance, 1984 (Ordinance) for failure to transfer regular provident fund contributions to provident fund trust and non-compliance with the order of the Executive Director under section 227 of the Ordinance dated May 14, 2003(the Order). 2. In terms of the provisions of section 227 of the Ordinance the DCCL was required to pay the provident fund contributions to provident fund trust within 15 days of collection. Furthermore, in terms of our earlier Order the DCCL was also required to repay previous liabilities of provident fund…

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