Law: Companies Ordinance, 1984

Section: 224

Companies Ordinance (XLVII of 1984)---S. 224(2)---Trading by Director of the company---Recovery of tenderable gain---Company had informed the Commission that as a matter of gesture and good-will it would like to voluntarily close the matter without further insisting on view points or contesting the issue and would like to tender capital gain amount in favour of the Commission---Company had deposited amount in Commission's account---Company having discharged its liability accrued under S.224(2) of the Companies Ordinance, 1984 by tendering the amount of gain to the Commission, further proceedings in the matter, were dropped and the matter stood closed. ORDER AKIF SAEED EXECUTIVE DIRECTOR (SM),---This order will dispose of the proceedings initiated under section 224(2) of the Companies Ordinance, 1984 (the "Ordinance") by the Securities and Exchange Commission of Pakistan (the "Commission") through Show-Cause-Notice No.S.M.(B.O.) C.O.222/1(61)2008 dated 18-3-2010 against Mr. Arif Habib (the "respondent") a Director of Arif Habib Bank Limited. The personal hearing in the matter was…

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