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Nine listed companies directors penalised

KARACHI (August 26 2003) : The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties on Directors of nine listed companies who failed to prepare and circulate their quarterly accounts in accordance with the legal requirements.

The SECP is exercising strict vigilance to ensure that listed companies submit their quarterly accounts to the shareholders within one month of the close of their first and third quarter of year of accounts.

The SECP has initiated proceedings against the Directors of those companies, which failed to meet this statutory requirement.

Show-cause notices were issued to defaulter listed companies and fines have been imposed on the chief executive and directors of the following defaulting listed companies for failure to prepare and circulate quarterly accounts in accordance with the legal requirements.

M/s Zahoor Textile Limited, M/s Regal Ceramics Limited, M/s Ghulam Muhammad Dadabhoy Limited, M/s Apollo Textile Limited, M/s Pakistan PVC Limited, M/s MacDonald Layton and Company Limited, M/s Wali Oil Mills Limited, M/s Abbas Engineering Limited, and M/s Khyher Tobacco Limited.

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