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MUHAMMAD FAISAL MUZAMMIL vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 2024 CLD 415 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 415 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
MUHAMMAD FAISAL MUZAMMIL vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss
Subject matter
Criminal

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

MUHAMMAD FAISAL MUZAMMIL VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss.40-a & 33---Filing of interim financial statements---Non-compliance---Effect---appeal to the appellate Bench of the Commission---appellants were directors and chief executive of the company who contended that favorable order was passed by the High Court in a constitutional petition filed by the appellant---Validity---Company, admittedly, failed to timely transmit its interim financial statements for the default periods which were submitted subsequently---Reliance on the favorable order of the High Court passed in constitutional petition filed by the appellant could not rescue the appellant from the admitted default in transmission of first quarterly financial statements for the period ended March 31st, 2019 as the same was not the subject-matter of direction which was suspended by the High Court, thus drawing a clear distinction between the default period-in-question and the other periods---Bench upheld the impugned order to the extent of period-in-question, however, partially set-aside the same to the extent of two previous default periods, and also reduced the penalty imposed on the appellant to the extent of default period only---appeal filed by the directors and chief executive of the company was disposed of accordingly.

Other judgments reported in 2024 CLD

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