| Case ID |
41e4f0e3-7142-483c-bce3-1bdb1c1e0b09 |
| Body |
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| Case Number |
Appeal No. 43 of 2010 |
| Decision Date |
Jul 13, 2012 |
| Hearing Date |
May 23, 2012 |
| Decision |
The appeal was dismissed due to the company's failure to submit its quarterly accounts within the stipulated time. The company had a poor compliance record with the Companies Ordinance, 1984. A penalty of Rs. 25,000 was imposed on the Chief Executive Officer and Directors, which was lenient given the maximum penalty could have been Rs. 100,000. The management was required to ensure compliance with statutory obligations, and the delay was not acceptable as the quarterly accounts were submitted after the deadline. The appeal did not provide sufficient grounds for interference with the impugned order. |
| Summary |
In the case of Hamid Textile Mills Limited vs. Pakistan, the Securities and Exchange Commission of Pakistan dealt with the issue of non-compliance regarding the submission of quarterly accounts as mandated by the Companies Ordinance, 1984. The company failed to file its quarterly accounts within the required time frame, leading to an imposed penalty on the Chief Executive Officer and Directors. The management's historical disregard for compliance further exacerbated the situation, resulting in a decision to dismiss the appeal. This case highlights the importance of adhering to statutory obligations for companies and serves as a reminder of the consequences of non-compliance. Keywords associated with this case include 'Securities and Exchange Commission', 'Companies Ordinance', 'corporate compliance', and 'financial reporting obligations'. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Securities and Exchange Commission of Pakistan,
Hamid Textile Mills Limited
|
| Judges |
Imtiaz Haider, Commissioner (SMD),
Mohammed Asif Arif, Commissioner (Insurance)
|
| Lawyers |
Muhammad Aslam Awan, FAC for Appellant
|
| Petitioners |
6 Others,
Hamid Textile Mills Limited
|
| Respondents |
Pakistan
|
| Citations |
2013 SLD 965,
2013 CLD 327
|
| Other Citations |
Not available
|
| Laws Involved |
Securities and Exchange Commission of Pakistan Act, 1997,
Companies Ordinance, 1984
|
| Sections |
33,
245,
476
|