2010 PLP 1020 (CLD)
N/A
| Citation | 2010 PLP 1020 (CLD) |
| Forum / Court | Securities and Exchange Commission of Pakistan |
| Bench Members | N/A |
| Parties | N/A |
| Primary Law | Companies Ordinance (XLVII of 1984) |
Q1: What are the key laws and sections cited in 2010 PLP 1020 (CLD)?
This judgment primarily cites: Companies Ordinance (XLVII of 1984) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2010 PLP 1020 (CLD)?
The case was heard and decided by the Securities and Exchange Commission of Pakistan bench comprising: N/A.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2010 PLP 1020 (CLD) (N/A). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Headnotes / Summary
S. 224(2)
Trading by Director of the company
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.
Judgment & Decree
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 fixed for 16-4-2010, which on the request of the respondent was adjourned and re-fixed for 20-4-2010. On the given date, the respondent informed telephonically and subsequently in writing vide letter dated 26-4-2010 that "as a matter of gesture and goodwill I would like to voluntarily close the matter without further insisting on our view points or contesting the issue and would like to tender capital gain amount in favour of the Commission". The A respondent has deposited Rs.1,456,000 in Commission's Account No.0183089871000097, maintained with MCB, Main Branch Karachi vide Challan No. M-2010-067421 dated 24-4-2010.
2. Since, the respondent has discharged his liability accrued under section 224(2) of the Ordinance by tendering the amount of gain to the Commission, therefore, further proceedings in the matter are dropped and the matter stands closed. H.B.T./25/SEC Order accordingly.