Violation of laws: SECP slaps penalties on five companies

SECP issued 45 show-cause notices and conducted 31 hearings for violation of provisions of 1984 Companies Ordinance.

ISLAMABAD: The Securities and Exchange Commission of Pakistan’s Corporatisation and Compliance Department took enforcement actions against corporate entities in 82 cases in November and imposed penalties amounting to thousands of rupees on five of them. According to a press release, the department issued 45 show-cause notices and conducted 31 hearings for violation of provisions of the 1984 Companies Ordinance, ranging from late filing of annual accounts, failure to file accounts and hold AGMs and faulty audit of cost accounts. Six orders were issued against five entities including Pakistan Electrical & Electronics Merchant Association, Fahim Nanji & De Souza, Chemi Multfabrics Limited, United Brands Limited and Grand Leisure Corporation.

Published in The Express Tribune, December 28^th, 2012.          

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