This time lag is too long and looks unrealistic in today’s technologically-advanced world of 2016
LAHORE: I refer to the letter written by the Company Secretary of Pakistan State Oil on November 23. The honourable secretary did not address the core question of the prolonged time lag between declaration and payment of dividends as pointed out in my earlier letter in this newspaper dated November 16. Instead, the respectable secretary justified the long-time lag between declaration and payment of dividends with the help of SRO 920(1) 2008 dated September 3, 2008. I would like to reiterate my concern over this unrealistic time that the company takes in payment of dividends after declaring dividends. We are now almost at the end of November 2016 and the shareholders of Pakistan State Oil Limited have not received the dividends declared for the last financial year ending on June 30 — almost five months ago, which was declared by the board of directors on August 15, almost after three-and-half months ago. This time lag is too long and looks unrealistic in today’s technologically-advanced world of 2016.
I feel necessary action should be taken for the benefit of shareholders, especially small and retired ones.
Ejaz Ahmad Magoon
Published in The Express Tribune, November 25th, 2016.
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