ORDER This order shall dispose of the pros:eedins initiated Ihrotitzli Show Cau.Se Notice No. EMD/23,31.262/2002-2534 dated 30.3.2009 against the Chief' Executive of Kohinoor industries Limited ("Company-) under the provisions Of Section 244 of the Companie.s Ordinance. 198.1 {.,Ordinance`-t, 2, The brief facts of the case are that Company failed to annex with its Enivantliiiiclited nccc7itiits for the year ended June 30, 2008 the folloi,ving reports and statemeins: t.a.) Notice of Annual (ieneraF Meeting ("AGM-) held on 31.10.2008, (h) Directors' Report, Auditors- Report Statement orcompliance or Code or C'orporaw. Lim aniuicc. (e). Aud hors' review report to the vlciiibers of the Compan) (f) Pattern of shareholding.
CO Form of proxy.
3. Moreover. The Company has failed to annex Dircciors' Rcpurl the quarterly accounts riled with the Commission under the. Provisions of Section 245 of the Ordinance for ilic periods ended on 30.9,2008 and 31.12,2008 as required under Section 2,1,101 the Ordinance.
Consequently,.a show cause notice was served upon the Chief Executive of the Company Io zThow cause in writing as to why penalty as provided under Section 244 read with Section 476 or the Ordinance.
Orda.r antler ,Wction 244 may not be imposed on him. A period of 14 days was given to respond to the aforesaid 110..e. A wn.g further stated in the. Notice that in case the directors intend to appear in person or through counsel to clarify the queries. Raised therein they may communicate the same to the Commission.
3. The show cause notice wzis respon.Ded by Mr, 1.1, Azarn Saigoi. Chief Executive through fetter dated.Nil. It was submitted by the Chief Executive that the default 1.1.As Just art act of oversight on the pan or official stall who forgot to append the tninexures comprising the aforcsaikl reportsAtatetnents, However, the deficient information was provided to this Commission along i.Vith the re.Ply. It was Further stated that the default was inadvertent and not knowingry and willfully and without arty intention to damage the Jaw and prayed for condonation of the defaull.
15. Hearing in the matter was fixed for 1.7,2009 where klr. M. Omer Farooq, Director ("Company's Representative") appeared on behalf of the Chief Executive by providing power of attorney and reiterated the same as per written stibmis-sion and assured that due care will be.Exereised by the Company its future.
7- I have duly .Considered the submissions of the Company representative and I really appreciate his regret for the defaultand assurance to exercise due care in Future. Despite the Fact that the default is established and same has also been admitted, T am inclined to take a lenient view of the default and instead of impbsirig maximum penalty of R5.5,000 (rupees five thousand only) on the Chief Executive of the Company, hereby warn the Chief...! Xecutive of the Company to observe the complianc of-law in fetter and spirit.