| Case ID |
1753f352-637e-4f69-b176-4a44541bf102 |
| Body |
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| Case Number |
Show Cause Notice No.S.M(B.O.)C.O.156(650)95 |
| Decision Date |
Jan 30, 2012 |
| Hearing Date |
Jan 24, 2012 |
| Decision |
The decision taken by IMRAN INAYAT BUTT, Director/HOD (MSCID) accepted the contention of First Dawood Investment Bank Limited regarding the delayed filing of their annual return. The Commission acknowledged that the company had previously complied with the filing requirements and that the return was mistakenly addressed to the wrong division, leading to the delay in submission. A lenient view was adopted considering the company's good track record and the circumstances surrounding the filing error. The company was not penalized under section 246(2) of the Companies Ordinance, 1984, despite the default in timely filing. |
| Summary |
The case revolves around the compliance of FIRST DAWOOD INVESTMENT BANK LIMITED with the filing requirements set forth by the Securities and Exchange Commission of Pakistan under the Companies Ordinance, 1984. The bank failed to submit its annual return on time, leading to a Show Cause Notice. Upon review, it was determined that the bank had made a clerical error in addressing the return to the wrong division, which caused the delay. The Commission took a lenient stance due to the bank's historical compliance and the nature of the error. This case highlights the importance of accurate submissions and the leniency that may be afforded in cases of genuine mistakes. Keywords such as 'Companies Ordinance', 'Securities and Exchange Commission', 'annual return compliance', and 'corporate governance' are pertinent in understanding the implications of this case. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Securities and Exchange Commission of Pakistan,
FIRST DAWOOD INVESTMENT BANK LIMITED
|
| Judges |
IMRAN INAYAT BUTT
|
| Lawyers |
Not available
|
| Petitioners |
Not available
|
| Respondents |
FIRST DAWOOD INVESTMENT BANK LIMITED
|
| Citations |
2012 SLD 989,
2012 CLD 977
|
| Other Citations |
Not available
|
| Laws Involved |
Companies Ordinance, 1984
|
| Sections |
246
|