SECP: 22 show-cause proceedings initiated
These violations, among others, comprise failure to comply with legal provisions
PHOTO: FILE
KARACHI:
The Securities and Exchange Commission of Pakistan (SECP) Wednesday said that it has initiated 22 fresh show-cause proceedings in September against erring management and companies’ auditors for various violations of the 1984 Ordinance. These violations, among others, comprise failure to comply with legal provisions in respect of filing of interim accounts for listed companies, delay in deposit of provident fund amount, deficient discharge of duties by auditors, incorrect or false statement given in the accounts, according to a release. The Corporate Supervision Department has decided to adopt direct and targeted approach to identify the non-compliances by the companies thereby infringing upon the rights of the shareholders, it added.
Published in The Express Tribune, October 6th, 2016.
The Securities and Exchange Commission of Pakistan (SECP) Wednesday said that it has initiated 22 fresh show-cause proceedings in September against erring management and companies’ auditors for various violations of the 1984 Ordinance. These violations, among others, comprise failure to comply with legal provisions in respect of filing of interim accounts for listed companies, delay in deposit of provident fund amount, deficient discharge of duties by auditors, incorrect or false statement given in the accounts, according to a release. The Corporate Supervision Department has decided to adopt direct and targeted approach to identify the non-compliances by the companies thereby infringing upon the rights of the shareholders, it added.
Published in The Express Tribune, October 6th, 2016.