Law: Companies Ordinance, 1984

Section: 246,476

Companies Ordinance (XLVII of 1984)-Ss. 246 & 476---Failure to transmit the notices of Extraordinary General Meetings---Imposition of penalty---Company had been established to have failed to transmit notices of Extraordinary General Meetings on two dates to Securities and Exchange Commission in the manner prescribed in Circular No.5 of 2002---Effect---Failure to transmit notice Of said meetings, could be regarded as equivalent to making an attempt to hide the correct and timely information about an important transaction from the Commission---Chief Executive and the Company Secretary, by their repetitive faults, had made themselves liable for penal action under the provisions of subsection (2) of S.346 of Companies Ordinance, 1984---Keeping in view the fact that notices of Extraordinary General Meetings were sent to the share-holders within the stipulated time and also the same was published in the newspapers in compliance with sub-section (7) of S.159 of the Companies Ordinance, 1984; taking lenient view an aggregate fine of Rs.5,000, was imposed on the Chief Executive and the Secretary of the Company. ORDER ABID HUSSAIN, DIRECTOR (ENFORCEMENT).---This order will dispose of the proceedings initiated through Show-Cause Notice bearing No.EMD/233/340/2006 dated September 13, 2007 against the Chief Executive and Company Secretary of Faran Sugar Mills Limited ("the Company") under the provisions of section 246 read with section 476 of the Companies Ordinance, 1984 ("the Ordinance"). 2. The Company was incorporated in Pakistan as a Public Limited Company on November 3, 1981 under the Ordinance. The shares of the Company are listed on Karachi and Lahore Stock Exchanges. The paid-up capital of the Company as on September 30, 2006 stood at Rs.188.269 million divided into 18.827 million ordinary shares of Rs.10 each. The principal activity of the Company is to manufacture and sale of white sugar. The registered office of the Company is situated at Karachi. 3. The facts leading to the case are that the Enforcement Department, (the Department") of the Securities and Exchange Commission of Pakistan ("SECP") issued a show-cause notice under the provisions of section 246…

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