Law: Companies Ordinance, 1984

Section: 244,245,476

Companies Ordinance (XLVII of 1984)--Ss. 244, 245 & 476---Improper issuance, circulation or publication of balance-sheet or profit and loss account--Imposition of penalty---Company failed to annex with its annual audited account for the relevant year certain reports and statements---Company had also failed to annex Directors' Report with quarterly accounts filed with the Commission under the provisions of S.245 of the Companies Ordinance, 1984 as required under S.244 of said Ordinance-Chief Executive of the company, in response to show-cause notice, had submitted that the default was just an act of oversight on the part of office staff who forgot to append the annexures comprising said reports/statements---Deficient information, however was provided to the Commission---Chief Executive further stated that default was inadvertent and not knowingly and wilfully and without any intention to violate the law and prayed for condonation of default---Regret by the representative of the company and assurance to exercise due care in future was appreciated---Despite the fact that the default was established and same had also been admitted, lenient view was taken of said default and instead of imposing maximum penalty of Rs.5,000 on the Chief Executive of the company, Chief Executive was warned to observe the compliance of law in letter and spirit. ORDER ALI AZEEM IKRAM, DIRECTOR (ENFORCEMENT).---This order shall dispose of the proceedings initiated through Show-Cause Notice No.EMD/233/262/2002-2534 dated 30-3-2009 against the Chief Executive of Kohinoor Industries Limited ("Company") under the provision of section 244 of the Companies Ordinance, 1984 ("Ordinance"). 2. The brief facts of the case are that Company failed to annex with its annual audited accounts for the year ended June 30, 2008 the following reports and statements:-- (a) Notice of Annual General Meeting ("AGM") held on 31-10-2008. (b) Directors Report (c) Auditors Report (d) Statement of compliance of Code of Corporate Governance. (e) Auditors review report to the Members of the Company. (f) Pattern of shareholding (g) Form of proxy. 3. Moreover, the Company has failed to annex Directors' Report with the…

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