Law: Companies Ordinance, 1984

Section: 204

Companies Ordinance (XLVII of 1984)---Ss. 204-A & 498---Failure to have a whole time Secretary by the company---Imposition of penalty---In pursuance of subsection (1) of S.204-A of the Companies Ordinance, 1984, company which was a public listed-company, was required to have whole time Secretary, possessing prescribed qualifications, however, during the proceedings of inspection of the company under S.31 of the Companies Ordinance, 1984, it was noticed that the company did not have any whole time Secretary---Default of S.204-A(1) of the Companies Ordinance, 1984 was established and the Chief Executive and Directors, of the company had made themselves liable for the fine under S.498 of the Companies Ordinance, 1984---In exercise of powers conferred under S.498 of the Companies Ordinance, 1984, instead of imposing maximum penalties, fine of Rs.5,000 only was imposed on Chief Executive and Directors of the company. ORDER (under section 204A read with section 498 of the Companies Ordinance, 1984) ALI AZEEM IKRAM, 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 204A of the Companies 'Ordinance, 1984 ("the Ordinance"). 2. The relevant facts for disposal of this case, briefly stated, are that in pursuance of subsection (1) of section 204A of the Ordinance, Progressive Insurance Company Limited, being a public listed-company, is required to have a whole time secretary, possessing prescribed qualification. However during the proceedings of inspection of the Company under section 231 of the Ordinance held from December 29 to December 31, 2008, it has been noticed that the Company does not have any whole time secretary. Mr. Minhaj Ahmed was shown as company Secretary in Annual Accounts of the Company for year, 2007 but was disclosed during afore-said on-site inspection that he just takes care of duties of secretary of the Company as an additional charge and he is actually appointed to serve as. Company Secretary in a related party Messrs Pakistan…

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