ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued 33 show-cause notices to various companies for noncompliance.
The SECP’s Corporate Supervision Department issued these notices during February and March this year due to non-compliance with legal requirements regarding non-holding of annual general meeting (AGM), misuse of director’s powers, nondisclosure of director’s interests, non-circulation of quarterly financial statements, non-disclosure of statement of material facts and late submission of cost audit reports.
The department also concluded 40 proceedings against the companies, chief executives, directors and auditors of the companies.
While taking up the facilitating measures, the Supervision Department allowed relaxation to one listed company from issuing right shares within one year of the earlier issue of share capital while another company was allowed to issue shares by way of otherwise than right.
In addition, one listed company was allowed to issue, as a right to the existing shareholders of the Company, 110 million ordinary shares at a price of Rs5 per shares i.e. at a discount of 50% based on the special resolution passed by the shareholders of the Company.
Meanwhile, the SECP has constituted a Consultative Group with the objective of recommending the way forward for the development of capital markets in Pakistan.
The Group will act as an independent think tank for important policy decisions for making the capital market vibrant, robust and the preferred mode of savings and investment.
The Group will be headed by the Chairman- SECP and will comprise of prominent market professionals including members of the broker fraternity.
The group will consist of following members, Zafar-ul-Haq Hijazi- Chairman- SECP (Chairman of the Group), Akif Saeed, Commissioner, Securities Market Division – SECP, Musarat Jabeen – Executive Director, SECP (Secretary to the Group), Arif Habib – Chairman, Arif Habib Group, Aqeel Karim Dhedhi, Chairman, AKD Group, Jahangir Siddiqui – Chairman, JS Group of Companies, Yaseen Lakhani – CEO, Lakhani Securities (Pvt.) Limited, Amin Issa Tai – CEO, Amin Tai Securities (Pvt.) Limited ,Mohammad Sohail Dayala, CEO, Invest and Finance Securities Limited, Shahid Ghaffar – Managing Director, National Investment Trust Limited, Najam Ali – CEO, Next Capital Limited, Omer Iqbal Pasha – CEO, Pasha Securities (Pvt.) Limited, Dr. Yasir Mahmood – CEO, Yasir Mahmood Securities (Pvt.) Ltd. Nasim Beg, CEO, Arif Habib Investment Management Company Limited and Mohammad Sohail, CEO, Topline Securities (Pvt.) Limited.
