PAK LAW GPT — Pakistan Case Law AI justice scale emblemPAK LAW GPTCase law · Urdu & English

TANDLIANWALA SUGAR MILLS LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Rglns — 2024 CLD 740 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 740 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
TANDLIANWALA SUGAR MILLS LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Rglns
Provisions referred to
S. 166; S. 512; Companies Act (XIX of 2017); Companies Act

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

TANDLIANWALA SUGAR MILLS LIMITED VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Rglns. 6, 37 & 38---Companies Act (XIX of 2017), Ss. 166 & 512---Provisions under Listed Companies (Code of Corporate Governance) Regulations, 2019---Independent directors, requirement of---Application for relaxation from such provisions, filing of---Securities and Exchange Commission ('the Commission') penalized the appellant (a listed company) for its inability to have independent director(s)---Contention of the appellant (a listed company) was that its application for relaxation should have been accepted by the Commission---Validity---Appellant (applicant for relaxation), being a listed company, was required to have independent directors under Regulation 6 of the Listed Companies (Code of Corporate Governance) Regulations, 2019 ('the Regulations, 2019') and S. 166 of the Companies Act, 2017---Regulation 38 of the Regulations deals with an application for relaxation from the provision of the Regulations which is to be filed before the Commission---Appellant, admittedly, filed such application while submitting the reply to a show-cause notice, having been served to it by the Commission and not earlier---Thus, such application did not vitiate the show-cause notice proceedings, which culminated into impugned order---Appellant was rightly penalized in terms of S. 512 of the Companies Act, 2017, read with Regln. 37 of the Listed Companies (Code of Corporate Governance) Regulations, 2019, on account of contravention of provisions of the Regulations, 2019---Appellate Bench maintained the impugned order passed by Director-Adjudication of the Commission---Appeal, filed by the listed company, was dismissed, in circumstances.

Other judgments reported in 2024 CLD

Back to the case-law library · Search Pakistani case law in Urdu or English