This is with reference to the Press report published by the Securities and Exchange Commission of Pakistan (SECP) in your esteemed newspaper on Saturday l6 April 2005 regarding the imposition of penalty due to the non-submission/late submission of quarterly accounts for the quarter ended September 30, 2004.
In this connection we want to clarify that our quarterly accounts for September 2004 were published within the prescribed time and also were dispatched to all concerned ie Karachi and the Lahore Stock Exchange, the SECP Mirpur AK, CDC and shareholders but inadvertently could not be dispatched to the SECP Islamabad.
The SECP Islamabad served us the explanation letter and subsequently the reply was submitted. After hearing and taking a lenient view, a penalty of u/s 245 sub section 3 of the Companies Ordinance 1984 was condoned and only a fine of Rs 5000/- was imposed on the company.
The company has paid the amount and the quarterly accounts have already been submitted to the SECP Islamabad.
The Company appreciates the SECP Islamabad for their efforts to keep watch on the corporate sector and our company fully supports and endorses the policies of this regulatory body and hope that they shall continue the policies of safeguarding the interests of the shareholders and other concerned and their actions shall further strengthen the corporate sector.
We further clarify for the purpose of the general public, shareholders and all concerned that we are law abiders strictly following the code of corporate governance and have never defaulted in the submission of mandatory reports, returns and periodical accounts to the SECP, stock exchanges, and shareholders.
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