Law: Companies Ordinance, 1984

Section: 86

Companies Ordinance (XLVII of 1984)--Ss. 86, 492 & 498---Companies (Issue of Capital) Rules; 1996, R.8---Raising further capital without issuance of right shares and for consideration other than in cash---Imposition of penalty---Company prima facie raised further capital of Rs.35 million without issue of right shares and for consideration other than in cash---Company prima facie, deliberately concealed the fact of issuance of further share capital through means other than by way, of issue of right issue and against consideration other than the cash---Based on annual accounts, statutory returns and other documents supplied by the company during inspection under S.231 of the Companies Ordinance, 1984 and in view of facts of the case the defaults under Ss. 85 & 492 of the Companies Ordinance and R.8 of Companies (Issue of Capital) Rules, 1996, were established for which the Chief Executive and Directors of the company had made themselves liable for fine---In exercise of powers conferred under S.498 of the Companies Ordinance, 1984, fine of Rs.100,000 each on the Chief Executive and Directors of the company individually; was imposed---Further fine of Rs.50,000 was imposed on each Director including the Chief Executive for making default of S.492 of the Companies Ordinance, 1984---For contravention of R.8 of the Companies (Issue of Capital) Rules, 1996, a fine of Rs.1, 000 was imposed on each Director and the Chief Executive of the company. ORDER (under section 86 and section 492 of the Companies Ordinance, 1984 read with Rule 8 of Companies (Issue of Capital) Rules, 1996). TAHIR MAHMOOD, EXECUTIVE DIRECTOR (ENFORCEMENT).---This order shall dispose of the proceedings initiated against the Chief Executive and Directors of Messrs Progressive Insurance Company Limited (hereinafter referred to as "the Company") for making default in complying with provisions of section 86 of the Companies Ordinance, 1984 ("the Ordinance") and also those of Rule 8 of Companies (Issue of Capital) Rules, 1996. Further, this order shall also dispose of the proceedings initiated against them under section 492 of the Ordinance on account of making incorrect statements in annual…

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