PID suspends illegal merger of advertising agencies
According to sources, suspension orders were issued on April 2 over the illegal merger
PHOTO: AFP
ISLAMABAD:
Press Information Department has decided to suspend an advertising agency for allegedly merging one company with another well-known agency in violation of the Companies Ordinance and FBR rules.
According to sources, suspension orders were issued on April 2 over the illegal merger. Copies of the letters have been dispatched to regional offices of PID. Sources said that PID had written a letter to the company on February 12 requesting details of the merger.
The company replied on February 15 that the merger decision has been withdrawn in light of the decisions at a board meeting held on August 7, 2017. According to sources, recently a two-member PID team visited the office of the merged company in Islamabad and noticed that the company was not present at that address and has actually closed down operations.
Apparently, the relevant advertising agency formally resumed business on July 3, 2017, but it was not present on the ground, which is a violation of the Companies Ordinance and other rules.
According to sources, a lot of pressure was exerted on the PID advertisements director and he was made OSD on 13 April and directed to report to the ministry of information.
Press Information Department has decided to suspend an advertising agency for allegedly merging one company with another well-known agency in violation of the Companies Ordinance and FBR rules.
According to sources, suspension orders were issued on April 2 over the illegal merger. Copies of the letters have been dispatched to regional offices of PID. Sources said that PID had written a letter to the company on February 12 requesting details of the merger.
The company replied on February 15 that the merger decision has been withdrawn in light of the decisions at a board meeting held on August 7, 2017. According to sources, recently a two-member PID team visited the office of the merged company in Islamabad and noticed that the company was not present at that address and has actually closed down operations.
Apparently, the relevant advertising agency formally resumed business on July 3, 2017, but it was not present on the ground, which is a violation of the Companies Ordinance and other rules.
According to sources, a lot of pressure was exerted on the PID advertisements director and he was made OSD on 13 April and directed to report to the ministry of information.