Law: Companies Ordinance, 1984

Section: 158,245

Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 33

Companies Ordinance (XLVII of 1984)--Ss. 158 & 245---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Failure to hold Annual General Meeting and to file quarterly profit and loss accounts and balance sheet--Imposition of penalty--Appeal against---Appellant/company which had failed to hold its Annual General Meeting for the relevant period within stipulated time; Directors of the company, were given an opportunity of hearing to explain the reasons of said failure--Counsel for the appellant/company had stated that the office of the company remained closed for some time on account of resignation of secretarial staff and in circumstances account could not, be prepared in time causing delay in holding Annual General Meeting---Authority being dissatisfied with the response of the company, imposed fine of Rs.20,000 on three Directors each for not holding Annual General Meeting within stipulated time---Company also failed to prepare and transmit to its members and the relevant Stock Exchanges and the Commission, its quarterly profit and loss accounts and balance sheet for the relevant period within stipulated period---Directors of the company appeared in person and had stated that quarterly account could not be filed as the auditors of the company resigned and appointment of new auditor could not be made---Authority dissatisfied with the explanation passed the second impugned order imposing a fine of Rs.10,000 each on three Directors of the company---Appellants/Directors filed appeal against order imposing fine beyond the limitation period---Appellants contended that they could not file appeal as one of the Directors was arrested---Said contention was repelled as said Director was not aggrieved from the impugned order as penalty was not imposed on him---Delay should not be condoned due to the non-availability of funds with the company for filing the appeal---Plea that company Bank account was frozen and therefore the finances were not available to file the appeal was without merit-Penalties having been imposed on the Directors in their personal capacity, they were required to pay the penalties from their own resources---No ground for…

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