ISLAMABAD: The Securities and Exchange Commission of Pakistan’s (SECP) Corporate Supervision Department, while ensuring corporate and allied laws on Thursday initiated four show-cause proceedings against companies for providing shorter notice period for holding annual general meeting (AGM).
SECP take action on non-compliance with provident fund’s rule for employees and not attaching the statement of material facts with the notice of general meeting.
The department concluded 17 proceedings against the companies’ chief executives, directors and auditors, according to a statement issued.
The department also accorded approvals as well as relaxation to 10 companies from certain provisions of the laws and rules pertaining to filing of consolidated financial statements, extension in time for holding of AGMs, transmission of quarterly accounts through website, withholding the dividend of shareholders who have failed to provide the computerized national identity card numbers and Group Companies Registration Regulations, 2008.
In addition, 34 investor complaints pertaining to non-issuance of shares, non-verification of transfer deeds and non-payment of dividends were resolved.
