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SECP penalises five companies

ISLAMABAD (December 28 2002) : The Enforcement and Monitoring Division (EMD) of Securities and Exchange Commission of Pakistan (SECP) has imposed penalties on the following companies for failure to prepare their quarterly accounts and transmit to the members, stock exchanges, Registrar and the Commission, within time.

This is for the first time that SECP has taken action against such listed companies who have not followed the requirements of Quarterly Accounts.

These companies were unable to offer any justifiable reason for this contravention of the provisions of the Companies Ordinance, 1984.

— A fine of Rs 25,000 has been imposed on the chief executive of Altern Energy Limited.

— A penalty of Rs 25,000 has been imposed on the chief executive of Wali Oil Mills Limited.

— A penalty aggregating Rs 25,000 has been imposed on the chief executive of Muslim Ghee Mills Limited.

The SECP is exercising strict vigilance to ensure that companies are holding their annual general meetings (AGM) and present/transmit their accounts to the shareholders in accordance with the requirements of the Companies Ordinance, 1984.

The Enforcement and Monitoring Division of SECP has recently imposed fines on the following two listed companies for failure to hold AGM within time stipulated in law.

— Service Industries Textile Limited failed to hold AGM within time stipulated in law for the year 2001 and present therein annual accounts of the company for the calendar year ended September 30, 2001.

A fine, therefore, aggregating Rs 80,000 has been imposed on the Company, its chief executive and directors for the aforesaid default.

— A fine aggregating Rs 80,000 has been imposed on Service Fabrics Limited, its chief executive and its directors, for delay in holding of AGM for the financial year ended September 30, 2001 and present annual accounts of the company.

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