ISLAMABAD: The Securities and Exchange Commission of Pakistan’s (SECP) Corporate Supervision Department has issued show-cause notices to 14 companies and their directors for violations of the 1984 Companies Ordinance.
The majority of these proceedings pertain to the failure of companies to hold annual general meetings, non-holding of directors meetings, failure to comply with takeover ordinance, circulation of auditors report, non-maintenance of functional websites, non-circulation of quarterly financial statements and non-disclosure of statement of material facts.
The Section 245(1)(b) and 233(5) of the 1984 ordinance require all the listed companies to file their quarterly and annual accounts separately to the SECP and the Registrar of the companies.
The department also concluded 27 proceedings against the companies, their chief executives, directors and auditors for violating certain provisions of the ordinance.
