Action against 94 firms initiated

ISLAMABAD: The Securities and Exchange Commission of Pakistan initiated 94 show-cause proceedings in January against companies and their directors for contravention of the Companies Ordinance, 1984.
The majority of these proceedings pertain to the companies’ failure to hold annual general meetings and for not submitting timely interim financial statements with the Commission.
Section 245 (1) (b) and 233 (5) of the ordinance require all listed companies to file their quarterly and annual accounts separately to the SECP and the Registrar of Companies.
The SECP’s enforcement department also concluded its inspection proceedings against a company and penalised it for violation of certain provisions of the Companies Ordinance, 1984. The department accorded approvals and relaxation from certain legal provisions and rules.