AGRITECH LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss

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AGRITECH LIMITED VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 132, 147, 223 & 237---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 extension was given to it on its application under S. 147 of the Companies Act, 2017---Validity---Provision under S. 237 of the Companies Act, 2017, reveals that a listed company is under an obligation, inter alia, to electronically transmit to the Commission its quarterly financial statements within the time frame provided in subsection (1) of the S. 237 of the Act---In view of S. 147 of the Companies Act, 2017, the legislative intent is to bring a company, which has committed default by not holding AGM, within the compliance of regulatory ambit---However, entertaining application of appellant / company (under S. 147 of the Companies Act, 2017) does not in any manner suggest that the appellant / company was given extension in time in terms of Ss. 223 & 132 of the Companies Act, 2017, to lay the financial statement and hold AGM respectively, rather it was a direction given through the impugned order to lay the statements and hold the overdue AGM for the relevant period---Similarly, S. 237 of the Companies Act, 2017, provides the stipulations for transmitting quarterly financial statements while also providing room for extension in filing in case of accounts of the first quarter if the company is allowed extension in terms of S. 223 of the Companies Act, 2017---Thus, timeline provided in the S. 223 of the Companies Act, 2017, is understandably aligned with S. 132 of the Companies Act, 2017, to create harmony amongst both the provisions as financial statements are to be laid before the company AGM---This fortifies the legislative intent behind S. 237 of the Companies Act, 2017, as extension in period for transmitting accounts of first quarter may only be granted where extension under S. 223 of the Companies Act, 2017, has already been allowed and clearly has no nexus with S. 147 of the Companies Act, 2017, which being a stand-alone provision aims to ensure compliance of inter alia holding AGM of the company , once the default is established---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.

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

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