| Case ID |
d62b07ee-049f-4153-8ccc-398fa81bc85e |
| Body |
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| Case Number |
Appeal No. 20 of 2016 |
| Decision Date |
Mar 20, 2017 |
| Hearing Date |
|
| Decision |
The penalty imposed on the Directors of the appellant company was converted into a warning, acknowledging the company's efforts to comply with the Listing Regulations and restore its standing on the Pakistan Stock Exchange. The decision emphasized the importance of adhering to legal and regulatory frameworks while also recognizing the company's historical compliance and ongoing efforts to rectify its financial difficulties. The appeal concluded with directives for future compliance and the restoration of trading of shares, highlighting the need for accountability among company directors. |
| Summary |
In the case of Appeal No. 20 of 2016, the Securities and Exchange Commission of Pakistan deliberated on the appeal raised by Husein Industries Limited regarding penalties imposed for failing to hold Annual General Meetings. The company had been facing financial difficulties and had been on the defaulter counter of the Pakistan Stock Exchange due to non-compliance with Listing Regulations. The Commission's decision acknowledged the company's previous compliance history and ongoing efforts to rectify its situation, ultimately converting the imposed penalties into a warning. This case underscores the significance of regulatory compliance in maintaining the integrity of financial markets and protecting shareholder interests. Stakeholders can gain insights into the regulatory landscape and the importance of timely compliance to avoid penalties and ensure the smooth operation of capital markets. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Securities and Exchange Commission of Pakistan,
Husein Industries Limited
|
| Judges |
Zafar Abdullah,
Fida Hussain Samoo,
Aziz L. Jamal
|
| Lawyers |
Khurram Jah
|
| Petitioners |
Husein Industries,
Aziz Jamal
|
| Respondents |
Ms. Ayesha Riaz,
Haroon Abdullah,
Commissioner, Securities Market Division, Securities and Exchange Commission of Pakistan
|
| Citations |
2017 SLD 2981,
2017 CLD 1704
|
| Other Citations |
Not available
|
| Laws Involved |
Companies Ordinance, 1984,
Securities Act, 2015,
Constitution of Pakistan, 1973
|
| Sections |
158,
100,
159,
33
|