Law: Companies Ordinance, 1984

Section: 492

Companies Ordinance (XLVII of 1984)--S.492-False statement Penalty for-Enforcement Department of Securities and Exchange Commission of Pakistan, conducted examination of the annual audited accounts of the company for the relevant period, which had revealed that auditors in their audit report on the accounts had issued disclaimer of opinion In view of information furnished by the auditors it was observed that the Directors of the company had misrepresented the facts in their report to the members-Directors of the company in their written representation through their authorized representatives had " failed to just}fy most of the statements made in the Directors' report-Directors of the company had misrepresented facts" to the shareholders in their report and had contravened the provisions of S.492 of the Companies Ordinance, 1984-Default had been established, however taking a lenient view in the matter, instead of imposing maximum fine of Rs.800,000 on every Director, fine of Rs.300,000 was imposed on the Chief Executive of the company only under S.492 of the Companies Ordinance, 1984-Other directors were strictly warned to be careful in future. ORDER TAHIR MAHMOOD, EXECUTIVE DIRECTOR (ENFORCEMENT).---This order will dispose of the proceedings initiated against the Directors of Messrs S.G. Power Limited (the "Company") pertaining to contravention of the provisions of section 492 of the Companies Ordinance, 1984 (the "Ordinance"). 2. The Company is incorporated in Pakistan as Public Limited Company and is listed on Karachi and Islamabad Stock Exchanges in Pakistan. Issued Subscribed and paid up capital of the Company is Rs.178,332,670 comprising of 17,833,267 ordinary shares of Rs. 10 each as on June 30, 2007. The Company is engaged in the business of generation and distribution of electricity. 3. The facts leading to this case, briefly stated are that the Enforcement Department of Securities and Exchange Commission of Pakistan "(Commission") conducted examination of the annual audited accounts of the Company for the period ended June 30, 2007. ("Accounts") revealed that Messrs Yousaf Adil Saleem and Company ("Auditors") in their audit report on the Accounts have…

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