The Securities and Exchange Commission of Pakistan (SECP) has penalised Bela Automotives Limited and Pakistan PVC Limited on Wednesday.
According to a SECP spokesman, the Commission has imposed penalties amounting to Rs 40,000 on the chief executives of the two companies for failure to hold annual general meetings (AGM) within the prescribed time.
The SECP is exercising strict vigilance to ensure that listed companies should hold their AGMs and transmit their accounts to the shareholders within four months following the close of their financial year in accordance with the requirements of the Companies Ordinance, 1984.
The above companies were unable to offer any justifiable reason for the contravention of the mandatory provisions of the Companies Ordinance and, therefore, penalties were imposed on their chief executives.
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