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Shareholders of Orix Investment Bank and Orix Leasing Pakistan gave approval for merger of the two companies by majority votes in their separate meetings held on Monday. The two companies announced in separate statements that they had been evaluating the pros and cons of an amalgamation of the investment bank with and into the leasing company. At an extraordinary general meeting of Orix Investment Bank, 99.36 percent of shareholders agreed to the scheme of amalgamation. Similarly, 99.98 percent of shareholders of Orix Leasing Pakistan agreed to the scheme of amalgamation at their extraordinary general meeting. Votes of a majority in number representing two-thirds in value of the shareholders were required. Orix Investment Bank incurred a loss of Rs 250.197 million during the first nine months of current fiscal year. Orix Leasing had been looking at various options to solve the financial difficulties being faced by its associate Orix Investment Bank Pakistan. On March 31, 2009, its boar

The Securities and Exchange Commission of Pakistan (SECP) suspended the registration of five brokerage houses following the complaints about defaults on payments of their clients. “The apex regulator took this decision in exercise of its powers under the Broker and Agents Registration Rules, 2001, on charges of non-compliance with the various provisions of the Broker and Agents Registration Rules, 2001 pertaining to investor rights,” SECP announced on Monday. Those came under the hammer included Eastern Capital, Prudential Securities, Cliktrade Limited, MKA Securities and Capita One Securities. These brokers borrowed money from the banks and financial institutions by mortgaging the shares of their clients. However they were unable to pay off because of worse crisis that swept in the end of last month and persisting uncertain conditions, which caused huge losses. SECP said that these brokerage houses would remain suspended, in the public interest and for the protection of investors and