TPL LIFE TRAKKER LIMITED vs DIRECTOR/HEAD OF DEPARTMENT, ADJUDICATION DEPARTMENT-I Regln — 2024 CLD 773 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2024 CLD 773 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2024
Reporter: CLD
Parties: TPL LIFE TRAKKER LIMITED vs DIRECTOR/HEAD OF DEPARTMENT, ADJUDICATION DEPARTMENT-I Regln
Subject matter: Criminal
Provisions referred to: S. 199---S; S. 33---I; S. 199; Companies Act (XIX of 2017); Pakistan Act (XLII of 1997); 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

TPL LIFE TRAKKER LIMITED VS DIRECTOR/HEAD OF DEPARTMENT, ADJUDICATION DEPARTMENT-I Regln. 5(6)---Companies Act (XIX of 2017), S. 199---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Investment in associated companies and undertakings---Recovery of accrued mark-up / interest receivable from associated companies---Regulatory requirements, non-compliance of---Company was penalized for not instituting any mechanism for the recovery of mark-up in accordance with regulatory requirement---Contention of the Appellant/Company was that failure to comply with the Companies Act, 2017 and the 2017 Regulations was unintentional as it relied on a legal opinion obtained from a reputable law firm---Validity---Contention of the appellant did not absolve it from committed violations as the recovery of interest/mark-up periodically and on regular basis was a mandatory requirement under S. 199 of the Companies Act, 2017, read with Regulation 5(6) of the Companies (Investment in Associated Companies or Associated Undertakings) Regulations, 2017, and any agreement between the appellant and its associated companies could not override the explicit dictates of legal provisions---Appellate Bench also considered that the interest and trust of shareholders had been violated---Appellant had submitted before the Appellate Bench that it had already started recovering the interest amount from its associated companies and it would provide the relevant details along with repayment schedule to the concerned department regarding recovery of the remaining interest amount---In view of the commitment to recover the interest, the Bench had not enhanced the penalty---Appellate Bench found no reason to interfere in the impugned order---Appeal, filed by company, was dismissed.

Other judgments reported in 2024 CLD

2024 CLD 1277 LAHORE-HIGH-COURT-LAHOREMUHAMMAD AKRAM RAHI VS The COPYRIGHT BOARD Ss. 17, 18 & 39---Copyright Ordinance (XXXIV of 1962), S. 41---Intellectual property offences---I…
2024 CLD 1403 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANSTATE LIFE INSURANCE CORPORATION OF PAKISTAN VS COMMISSIONER INSURANCE Ss.76 & 156---Order passed by Appellate Bench of Securities and Excha…
2024 CLD 1118 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANPAKISTAN POVERTY ALLEVIATION FUND VS COMMISSIONER-COMPANY LAW, SECP S. 33---associations with Charitable and Not for Profit Objects Regulati…
2024 CLD 985 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANMUHAMMAD LATIF VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 2(1)(cc), 2(1)(da), 3(1) & 22---Commodity Futures Contracts, trading in…
2024 CLD 985 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANMUHAMMAD LATIF VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss.2(1)(cc), 2(1)(da), 3(1), 20 & 22---Commodity Futures Contracts, trading…
2024 CLD 681 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANAXIS GLOBAL LIMITED VS The COMMISSIONER (SMD) Reglns. 3, 4(a), 4(d), 6(2), 9(3), 11(2), 13 and 18(c)---Securities and Exchange Commission of…

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