ISLAMABAD: In order to ensure corporate laws, the Securities and Exchange Commission of Pakistan’s (SECP) Corporate Supervision Department has started show-cause proceedings against four companies.
The proceedings were initiated against the firms for providing shorter notice period for holding annual general meeting, non-compliance with employees’ provident funds’ rules and not attaching statement of material facts with the notice of general meeting.
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The department concluded 17 proceedings against the companies’ chief executives, directors and auditors. It 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.
