In
November the SECP’s Corporatization and Compliance Department took 82
enforcement actions against various corporate entities and penalties amounting
to thousands of rupees were imposed on five of them.
The
department issued 45 show cause notices and conducted 31 hearings for various
violations of the provisions of the 1984 Companies Ordinance, ranging from late
filing of annual accounts, non-filing of accounts to non-holding of AGMs and
faulty audit of cost accounts.
Six
orders were issued against five companies: Pakistan Electrical &
Electronics Merchant Association (Sections 184, 242 read with 476), Fahim Nanji & De Souza (Sections 92, 93,
172 read with 476), Chemi Multfabrics
Limited (Sections 142, 184 read with 476), United Brands Limited (Section 184
read with 476) and Grand Leisure Corporation Limited (Section 184 read with
Section 476).
In
addition, the department received seven complaints during the month and four of
them were resolved.
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