The Securities and Exchange Commission of Pakistan (SECP) on Monday passed 12 orders and initiated 34 show-cause proceedings against directors and auditors of listed/unlisted companies. The SECP in its statement issued said that the enforcement actions mainly pertained to violations of takeover ordinance, unauthorized inter-corporate financing, irregularities in provident fund, late/non-submission of quarterly accounts, non-preparation of consolidated financial statements, misstatements of financial statements, non-appointment of independent share registrar and unauthorized utilization of security deposits.
In addition, 25 investors’ complaints were resolved during the month. These complaints mainly related to non-receipt of dividend warrants, disposal of fractional, non-transfer and issue of duplicate shares. An application of a listed company was processed for further issue of capital under the provisions of Section 84 of the 1984 Companies Ordinance and relaxation from the requirements of the 1996 Companies (Issue of Capital) Rules. The approval was granted, resulting into fresh injection of Rs201.250 million into the corporate entity. The two companies were exempted from preparation of their consolidated financial statements and also granted approval to a listed company for the change of place of AGM.
