The Securities and Exchange Commission of Pakistan (SECP) has imposed an aggregated penalty of Rs 130,000 on chief executive officer and directors of the K-Electric Limited (company). In this regard, the SECP has uploaded an order on its website on Friday.
The SECP order issued by Company Law Division (Corporate Supervision Department) said that the Commission has come to the conclusion that the pertinent provisions of the law have been violated and deem it appropriate to render respondents liable to penal action in terms of Section 245 of the Ordinance as a result of failing to file the company's interim financial statements for the quarters ended December 31, 2016 and March 31, 2017 with the Commission as stipulated under the law. Therefore, in exercise of powers conferred under the sub-Section (3) of Section 245 of the Companies Ordinance, the SECP hereby imposes a fine of Rs 5,000 per quarter on each respondent (13 directors including chairman and CEO) aggregating to Rs 130,000.
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