AGRITECH LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 2025 CLD 1236 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2025 CLD 1236 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2025
Reporter: CLD
Parties: AGRITECH LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss
Subject matter: Criminal
Provisions referred to: S. 237; S. 147; 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

AGRITECH LIMITED VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 132, 147, 223 & 237(1)(b), second proviso---Circular 10 of 2020 dated April 01, 2020---Provisions / requirements under S. 237 of the Companies Act, 2017---Scope---Default by company---Effect---Extension under S. 147 of the Companies Act, 2017---Scope---Company was penalized for contravention of S.237 of the Companies Act, 2017---Plea of the appellant / company was that the impugned order was in contravention of Circular 10 of 2020 dated April 01, 2020 (Circular )---Validity---Said circular explicitly states that the law does not provide for any relaxation in timeline for filing of quarterly financial statements except first quarter financial statements i.e. second proviso to S. 237(1)(b) of the Companies Act, 2017---Directions under S. 147 of the Companies Act, 2017, to hold AGM can in no manner be treated as an automatic extension for filing the quarterly financial statements as the same is being dealt with under S. 237 of the Companies Act, 2017, which is an independent provision of law---Non-compliance on the part of appellant / company was apparent, requiring no interference with the impugned order by the Appellate Bench---Appeal was dismissed, in circumstances.

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