Corporate irregularities: SECP starts 34 show-cause proceedings
SECP passed proceedings against directors and auditors of listed and unlisted companies during the month of August.
ISLAMABAD:
As part of its enforcement and regulatory function, the Securities and Exchange Commission of Pakistan (SECP) passed 12 orders and initiated 34 show-cause proceedings against directors and auditors of listed and unlisted companies during the month of August. According to a statement issued on Monday, the SECP actions mainly pertained to violations of takeover ordinance, unauthorised inter-corporate financing, irregularities in provident fund, late or non-submission of quarterly accounts, non-preparation of consolidated financial statements, misstatements in financial statements, non-appointment of independent share registrar and unauthorised utilisation of security deposits. In addition, the statement said, 25 investor complaints were addressed during the month. These complaints were about non-receipt of dividend warrants, disposal of fractional shares, delay or non-transfer of shares, issue of duplicate shares, etc.
Published in The Express Tribune, September 20th, 2011.
As part of its enforcement and regulatory function, the Securities and Exchange Commission of Pakistan (SECP) passed 12 orders and initiated 34 show-cause proceedings against directors and auditors of listed and unlisted companies during the month of August. According to a statement issued on Monday, the SECP actions mainly pertained to violations of takeover ordinance, unauthorised inter-corporate financing, irregularities in provident fund, late or non-submission of quarterly accounts, non-preparation of consolidated financial statements, misstatements in financial statements, non-appointment of independent share registrar and unauthorised utilisation of security deposits. In addition, the statement said, 25 investor complaints were addressed during the month. These complaints were about non-receipt of dividend warrants, disposal of fractional shares, delay or non-transfer of shares, issue of duplicate shares, etc.
Published in The Express Tribune, September 20th, 2011.