AGL 38.20 Increased By ▲ 0.05 (0.13%)
AIRLINK 129.30 Increased By ▲ 4.23 (3.38%)
BOP 7.85 Increased By ▲ 1.00 (14.6%)
CNERGY 4.66 Increased By ▲ 0.21 (4.72%)
DCL 8.35 Increased By ▲ 0.44 (5.56%)
DFML 38.86 Increased By ▲ 1.52 (4.07%)
DGKC 82.20 Increased By ▲ 4.43 (5.7%)
FCCL 33.64 Increased By ▲ 3.06 (10.01%)
FFBL 75.75 Increased By ▲ 6.89 (10.01%)
FFL 12.83 Increased By ▲ 0.97 (8.18%)
HUBC 110.72 Increased By ▲ 6.22 (5.95%)
HUMNL 14.03 Increased By ▲ 0.54 (4%)
KEL 5.22 Increased By ▲ 0.57 (12.26%)
KOSM 7.69 Increased By ▲ 0.52 (7.25%)
MLCF 40.08 Increased By ▲ 3.64 (9.99%)
NBP 72.51 Increased By ▲ 6.59 (10%)
OGDC 189.18 Increased By ▲ 9.65 (5.38%)
PAEL 25.74 Increased By ▲ 1.31 (5.36%)
PIBTL 7.38 Increased By ▲ 0.23 (3.22%)
PPL 153.45 Increased By ▲ 9.75 (6.78%)
PRL 25.52 Increased By ▲ 1.20 (4.93%)
PTC 17.92 Increased By ▲ 1.52 (9.27%)
SEARL 82.50 Increased By ▲ 3.93 (5%)
TELE 7.63 Increased By ▲ 0.41 (5.68%)
TOMCL 32.50 Increased By ▲ 0.53 (1.66%)
TPLP 8.48 Increased By ▲ 0.35 (4.31%)
TREET 16.74 Increased By ▲ 0.61 (3.78%)
TRG 56.01 Increased By ▲ 1.35 (2.47%)
UNITY 28.85 Increased By ▲ 1.35 (4.91%)
WTL 1.34 Increased By ▲ 0.05 (3.88%)
BR100 10,659 Increased By 569.2 (5.64%)
BR30 31,331 Increased By 1822.5 (6.18%)
KSE100 99,269 Increased By 4695.1 (4.96%)
KSE30 31,032 Increased By 1587.6 (5.39%)

As part of its mandate to monitor listed and unlisted companies to safeguard investor interest, the Enforcement Department of the Securities and Exchange Commission of Pakistan (SECP) has initiated one hundred and twenty two (122) show-cause proceedings against chief executives, directors, and auditors of listed and unlisted companies, that failed to comply with the applicable provisions of the laws.
Enforcement actions for breaches of statutory requirements related to: issuance of auditors' reports, take-over regulations, holding of annual general meeting, inter-corporate financing, issuance of capital, misstatement of facts, employees' provident funds, consolidation of financial statements, circulation of financial statements, disclosure of directors' interests, and cost audit rules.
Penal proceedings against directors of listed company concluded on account of material misstatements whereby the directors siphoned off the tax refunds disguising them as proceeds from the false sale of its subsidiary. In addition to the proceedings noted above, the Department has concluded seventy nine (79) proceedings against directors and auditors of companies either by penalizing and/or by warning the identified defaulters. In addition, the Department has also initiated inspections of the affairs of four companies while an investigation has been initiated into the matters of a private limited company.
The Department addressing the grievances of investors successfully resolved nineteen complaints. These complaints were mainly pertaining to non-issuance of shares, non-verification of transfer deeds, and non-payment of dividends. Four companies have been directed to hold their overdue annual general meetings within a specified time. To facilitate companies in preparation of their consolidated financial statements, six companies have been granted exemption from the requirements of consolidation of their annual financial statements.
One company has been accorded approval to appoint its cost auditors under the Companies (Audit of Cost Accounts) Rules, 1998. In addition, three companies have been allowed to place their quarterly accounts on their respective websites, while one company has been allowed to change its websites address. One company has been allowed to extend loan facility to its chief executive. Extension in time has been granted to a company for making public announcement of "offer to shareholders for sale of their shares"; this is in relation to its intended acquisition of another company.-PR

Copyright Business Recorder, 2013

Comments

Comments are closed.