The Securities and Exchange Commission of Pakistan (SECP), authorised an investigation into the matter of Ahmed Spinning Mills Ltd (ASML) on the reports that the directors of Ahmed Spinning Mills Ltd (ASML) sold ASML's investment at a throwaway price to an off-shore Shell company and subsequently these investments were sold in a public offer at a price of Rs 333 per share, thus depriving ASML's shareholders of their rightful share of Rs 213.425 million.
According to a press release of the SECP issued on Wednesday, taking cognisance the sensitivity of the matter and to safeguard the best interest of share holder commission has ceased the funds of (ASML). The matter was taken before Sindh High Court.
The Sindh High Court vide its order dated October 12, 2007 in the matter of Ahmed Spinning Mills Limited ("ASML") titled M A 04 of 2007 Sheikh Abdul Wahid and Others vs. Securities and Exchange Commission of Pakistan ("SECP") & Others has held that the price differential of Rs 213.43 million arising out of the proceeds of sale of ASML's investment in the shares of Untied Sugar Mills Limited belong to such shareholders of ASML who held the shares on 10-11-2004 in proportion to their respective shareholdings.
It was further directed that such shareholders of ASML may approach SECP for their claim in this regard. SECP shall verify these claims and submit a report before the Nazir of the Sindh High Court, Karachi. The said report will be further verified by the Nazir and placed before the Sindh High Court, Karachi for appropriate directions.
Accordingly, those shareholders who held the shares of ASML as on 10-11-2004 are advised to file their claims with the SECP at its Headoffice, along with the relevant documentary evidence of their shareholding, on or before February 10, 2010.-PR