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Two companies penalised for not holding annual general meetings

KARACHI (June 04 2003) : The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties on two listed companies as they failed to hold annual general meetings (AGM) and to release accounts on time.

According to an information released by SECP, the shareholders of the company were not aware of the affairs of these companies due to non-transmission of accounts.

Penalties aggregating Rs 140,000 have been imposed on Standard Insurance Company Ltd, and its chief executive.

The company failed to hold its AGM for the years 2001 and 2002.

The company also failed to prepare and release quarterly accounts for the periods ended December 31, 2001 and March 31, 2002 and its half-yearly accounts for the period ended June 30, 2000 and June 2001.

The SECP has also imposed penalties on the chief executive and directors of Tri Star Power Co, aggregating Rs 275,000, for failure to hold annual meetings of June 30, 1999 and 2001 and transmit and file their half-yearly accounts of periods ended December 31, 1999, 2000 and 2001.

The SECP is exercising strict vigilance to ensure that companies are holding their AGMs and present/transmit their accounts to the shareholders in accordance with the requirements of the Companies Ordinance 1984.

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