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SECP imposes fine on 4 cos directors, CEOs

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties aggregating to Rs 205,000 on the chief executives/directors of four listed companies for their failure to prepare and circulate quarterly accounts within the prescribed time period.

According to a statement issued by the commission here Monday, the four companies are Wali Oil Mills Limited, Khyber Tobacco Company Limited, Bela Automotives Limited and Pakistan PVC Limited.

The Companies Ordinance, 1984 makes it mandatory upon companies to prepare and transmit their quarterly accounts to shareholders, stock exchanges, registrar and the SECP within one month of the close of the first and third quarters, and within two months of the close of the second quarter of their financial year.

The SECP is exercising vigilance to ensure that listed companies circulate quarterly accounts within the prescribed time and has therefore initiated proceedings against the directors and senior management of erring companies, said the statement.

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