Law: Companies Ordinance, 1984

Section: 233

Companies Ordinance (XLVII of 1984)--Ss. 233, 244, 245 & 476---Issuance of balance-sheet improperly without annexing relevant documents---Imposition of penalty--Annual accounts submitted by the company for the year ending June 30, 2007 with the Commission had revealed that company had failed to annex with the said report documents as enumerated in S.244 of the Companies Ordinance, 1984---Company had also failed to annex Directors' Report with said quarterly accounts---Counsel for the company admitted the default of the company and requested for lenient view in the light of his commitment that the company would be careful in complying with the requirements of law in future---Default was not inadvertent, as the management of the company did not pay serious attention towards complying with the mandatory provisions of Companies Ordinance, 1984---Considering the. fact that counsel for the company had provided Directors' report for the annual accounts and had given assurance for future compliance, lenient view was taken of said default and instead of imposing penalty of Rs.5,000 on each Director of the company, penalty of Rs.5,000 was imposed on Chief Executive of the company, which he would deposit within thirty days from the receipt of order. ORDER TAHIR MAHMOOD, EXECUTIVE DIRECTOR (ENFORCEMENT).---This Order shall dispose of the proceedings initiated against the Directors of Mustehkam Cement Limited (hereinafter called as the "Company") vide show-cause notice dated January 18, 2008 under the provisions of section 244 read with section 476 of the Companies Ordinance, 1984 (hereinafter called as the "Ordinance"). 2. In order to fully appreciate the issue in hand, it is necessary to have a glance into the relevant background facts of the case. The examination of annual accounts for the year ended June 30, 2007 (hereinafter. called as the "annual accounts") of the Company, submitted with the Commission under provisions of section 233 of the Ordinance revealed that the Company has failed to annex following information/report/statement with the aforesaid annual accounts: * Corporate information; * Notice of Annual General Meeting; * Directors' Report; * Statement of…

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