Karachi Stock Exchange has suspended trading in the shares of Zeal Pak Cement Factory with immediate affect in accordance with the orders of Sindh High Court. According to a KSE notice here yesterday, the Honourable Court, in a suit, has imposed restriction on the transfer, pledging withdrawal of shares of Zeal Pak Cement in CDC with effect from July 12, 2009.
The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par. In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports. CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time f
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