SECP passes 12 orders, showcauses 34 cos

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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), as part of its enforcement and regulatory function, passed 12 orders and initiated 34 showcause proceedings against directors and auditors of listed/unlisted companies.

The enforcement actions mainly pertained to violations of takeover ordinance, unauthorized inter-corporate financing, irregularities in provident fund, late and 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, said a statement issued here on Monday.

Complaints mainly related to non-receipt of dividend warrants, disposal of fractional shares, delay/non-transfer of shares, and issue of duplicate shares etc, the statement added.

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.

Further, approval to 16 listed companies was granted to appoint their cost auditors under the 1998 Companies (Audit of Cost Accounts) Rules. (APP)