KARACHI: The Securities and Exchange Commission of Pakistan’s (SECP) Enforcement Department has issued 94 show-cause notices in January 2015 to companies and their directors for contravention of the Companies Ordinance, 1984.
Majority of these proceedings pertain to failure of companies to hold annual general meeting (AGM) and for not submitting timely interim financial statements with the Commission.
The Section 245(1)(b) and 233(5) of Companies Ordinance, 1984, require all listed companies to file their quarterly and annual accounts separately to the Commission (SECP) and the Registrar of Companies. During January, the Enforcement Department also concluded its inspection proceedings against a company and penalised the company for violation of certain provisions of the Companies Ordinance, 1984.
The department accorded approvals and relaxation from certain provisions of laws and the rules. These approvals pertains to appointment of cost auditors under the Companies (Audit of Cost Accounts) Rules, 1998, printing of computerised national identity card (CNIC) number on dividend warrants, cancellation of group registration and extension in holding of AGM.
