Law: Companies Ordinance, 1984

Section: 246

Companies Ordinance (XLVII of 1984)--Ss. 246 &, 476--S. R. O. 865(I)/2000, dated 6-12-2000---Failure to submit periodical statements of the accounts, information or other reports---Half yearly account for the relevant year had. shown that the company during that period made equal investments in its associated companies---Company had made said investments in the associated companies based on resolution passed by the shareholders of the company in the Extraordinary General Meeting---Company had failed to comply with the requirement of S.R.O.865(I)/2000 dated 6-12-2000 by non-providing the required information to its share-holders in the subsequent general meetings of the company---Effect--Management of the company was duty bound by the law to keep the share-holders informed and provide them complete details of the decisions approved by them in order to safeguard their interest---In the present case share-holders should have been informed in the meetings of said detail of decision---Concerned officers of the company had failed to clarify their position with respect to non-compliance with the requirement of notification---Considering track record of the company and taking into consideration that the company had complied with the requirements of the notification for the forthcoming General. Meetings of the share-holders, instead' of imposing penalty, officers of the company were warned to observe the compliance of law in letter and spirit in future. ORDER ABID HUSSAIN, DIRECTOR, (ENFORCEMENT).---This order shall dispose of the proceedings initiated against Jahangir Siddiqui & Company Limited ("the Company") through show cause notice dated March 4, 2008 under the provisions of section 246 read with section 476 of the Companies Ordinance, 1984 ("the Ordinance") and S.R.O.865(I)/2000 dated December 6, 2000. 2. The Company is a public limited company and was incorporated in Pakistan under the Ordinance. Its shares are presently listed on the Karachi Stock Exchange (Guarantee) Limited. The Company is also a corporate member of Karachi and Islamabad Stock Exchanges. Authorized share capital of the Company is Rs. 1,500,000,000 divided into 50,000,000 ordinary…

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