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SUI SOUTHERN GAS COMPANY LIMITED vs EXECUTIVE DIRECTOR, ADJUDICATION-I, SECP, ISLAMABAD Ss — 2024 CLD 1050 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 1050 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
SUI SOUTHERN GAS COMPANY LIMITED vs EXECUTIVE DIRECTOR, ADJUDICATION-I, SECP, ISLAMABAD Ss
Provisions referred to
S. 33---A; S. 132; Gas Regulatory Authority Ordinance (XVII of 2002); Pakistan Act (XLII of 1997); Companies Act; Gas Regulatory Authority Ordinance; OGRA Ordinance

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

SUI SOUTHERN GAS COMPANY LIMITED VS EXECUTIVE DIRECTOR, ADJUDICATION-I, SECP, ISLAMABAD Ss. 4, 132 & 505(1)(d)---Oil and Gas Regulatory Authority Ordinance (XVII of 2002), Ss. 6(2) & 8(2)---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Appeal before the Securities and Exchange Commission of Pakistan ('the Commission')---Failure of listed company to convene Annual General Meeting (AGM)---Effect---Provisions of the Companies Act, 2017---Special law, applicability of---Scope---Commission penalized M/s Sui Southern Gas Company Limited ('the Gas Company') as it failed to convene the Annual General Meeting (AGM) for the respective financial year as required under subsection (1) of S.132 of the Companies Act, 2017, ('the Act, 2017')---Argument of the Appellant (Gas Company) was that under the Oil and Gas Regulatory Authority Ordinance, 2002 (the 'OGRA Ordinance 2002'), being a special law, it was required to file a petition before the Oil and Gas Regulatory Authority (OGRA) for determination of Final Revenue Requirement (FRR) on annual basis and only thereafter finalize their financial statements based on OGRA's determination---Validity---Argument of the appellant (that the reason for delay in holding the AGM was due to the fact that OGRA had not approved the FRR on time) was baseless, as it was evident from the record (relevant OGRA's letter etc.) that the Appellant submitted the very petition for FRR to OGRA with delay and the same had also not been disputed by the Appellant---Said delay reflected negligence on the part of the Appellant---A listed company is under an obligation, inter alia to hold the AGM as per the law within 120 days of the close of its financial year which the Appellant had failed to do so---Appellate Bench did not find any reason to interfere with the impugned penalty imposing order passed by the Commission---Appeal filed by Gas Company was dismissed, in circumstance.

Other judgments reported in 2024 CLD

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