10-17-2009, 08:16 PM
Dear
I thought you would have noticed the mistake so I didn't go in detail.
The revised report format refers (in newly added paragraph) to a stock exchange regulation (regulation 37 etc). This reference has to be amended since the correct reference is 35. (I don't remember complete reference but it is sub part of regulation 35).
The reports recently issued by firms have been issued after correcting it.
Further to above, a portion of another paragraph has also been changed in the revised report format but (unlike other changes) has not been underlined to depict such change. Due to this some firms did not notice this other amendment while issuing their report(s).
You must compare previous and revised report formats/versions to figure out what I have mentioned.
As far as your question is concerned, I am not in a position to give any conclusive remarks on the situation. Some partner should seek advice for a course of action. However, I, as a hint, can say that a revised report may be issued "clearly stating "REVISED" and be circulated to members/shareholders before AGM along with printed annual report along with a clarification memo from management. This matter should be discussed at AGM as well to apprise the members. The revised report should also be submitted by client to stock exchanges and SECP with a clarification note.
This can resolve the issue to a greater extent but needs the willingness and support from client and strength from partners to face criticism. However, it will be safest than hiding this fact and facing grave consequences afterwards.
For doing so AGM must have not been held so far. If it has gone, things would be real complex. Then DUA will serve the purpose Inshallah.
However, your partners must discuss it in detail and get suitable advice before taking a course.
Regards,
Kamran.
I thought you would have noticed the mistake so I didn't go in detail.
The revised report format refers (in newly added paragraph) to a stock exchange regulation (regulation 37 etc). This reference has to be amended since the correct reference is 35. (I don't remember complete reference but it is sub part of regulation 35).
The reports recently issued by firms have been issued after correcting it.
Further to above, a portion of another paragraph has also been changed in the revised report format but (unlike other changes) has not been underlined to depict such change. Due to this some firms did not notice this other amendment while issuing their report(s).
You must compare previous and revised report formats/versions to figure out what I have mentioned.
As far as your question is concerned, I am not in a position to give any conclusive remarks on the situation. Some partner should seek advice for a course of action. However, I, as a hint, can say that a revised report may be issued "clearly stating "REVISED" and be circulated to members/shareholders before AGM along with printed annual report along with a clarification memo from management. This matter should be discussed at AGM as well to apprise the members. The revised report should also be submitted by client to stock exchanges and SECP with a clarification note.
This can resolve the issue to a greater extent but needs the willingness and support from client and strength from partners to face criticism. However, it will be safest than hiding this fact and facing grave consequences afterwards.
For doing so AGM must have not been held so far. If it has gone, things would be real complex. Then DUA will serve the purpose Inshallah.
However, your partners must discuss it in detail and get suitable advice before taking a course.
Regards,
Kamran.
