Punjab

No illegal step in issuance of rights shares by BoP

SECP report rejects all the allegations against the bank

News Desk April 21, 2018

“Primary focus will be on branchless banking, which will not only help in reducing leakage of funds, but will also enable the government to save over Rs27 billion annually,” said Bank of Punjab CEO Naeemuddin Khan. PHOTO: bop.com.pk

The Security Exchange has conducted a detailed inquiry into the issuance of rights shares by the Bank of Punjab and has found that there had been no action violating existing rules and regulations.

Bank President Naeemuddin Khan took all the steps according to banking and stock exchange, and Securities of Exchange Commission of Pakistan (SECP) procedures. The report stated that no fluctuations in the shares of the bank were proved. The SECP has completed its inquiry and stated that all the steps were taken in accordance with law.

Bank of Punjab had issued rights shares in 2017 with the approval of the State Bank and the Punjab government. All the legal requirements and SECP regulations were adhered to during the process.

The financial position of the Bank of Punjab is strong and is contributing to the economy of the country. The complaint against the Bank of Punjab was filed by a defaulter of the bank, stockbroker Ali Malik of FENL. He was issued different notices during the last six years for default on loans of Rs600 million. The bank is taking all legal steps against the defaulter.