Non-compliance with statutory requirements: SECP issues notices to seven power sector cos

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has reportedly issued notices to seven power sector companies for failing to file overdue annual returns, annual financial statements for 2025, and other statutory information required under the Companies Act, 2017.

In a letter addressed to the Chief Executive Officer of National Grid Company (NGC), the SECP stated that several instances of non-compliance had been observed, including: (i) non-filing of annual returns for the year ended 2025 under Section 130; (ii) non-filing of annual accounts for 2025 under Section 233; (iii) non-appointment of an auditor (Form-9) for 2025 under Section 246; (iv) non-appointment of a female director on the board (Form-9) for the years 2023, 2024 and 2025 under Section 154; and (v) non-appointment of independent director(s) on the board under Section 166.

The company had previously been informed of its statutory obligations through a letter dated October 27, 2025.

READ MORE: HSE compliance: Majority of power cos show notable progress: Nepra

The SECP once again advised the company to file all overdue documents and returns, and to rectify other non-compliances along with payment of the admissible fee.

The SECP warned that failure to file overdue returns, financial statements, and other required documents would result in the company’s name being included in the list of defaulting companies published on the SECP website. Furthermore, if annual returns or financial statements remain un-filed for two years or more, the company’s name may be entered in the register of inactive companies under Section 424 of the Act, following due notice.

The following companies have also been cited for various violations:

Gujranwala Electric Power Company: (i) non-appointment of female director on the board of the Company (Form-9) for the year ended 2023, 2024 and 2025 under section 154; and (ii) non-appointment of independent director(s) for 2023, 2024 and 2025 under section 166.

Power Planning and Monitoring Company: (i) non-filing of annual return for the year ended 2024 and 2025 under section 130; (ii) non-appointment of the Auditor (Form-9) 2024 and 2025 under Section 246; and (iii) non appointment of female director on the board of the Company 2023 to 2025 under Section 154.

Hyderabad Electric Supply Company: (i) non-filing of annual return 2025 under Section 130; (ii) non-filing of annual accounts 2024-2025 under Section 233; (iii) non-appointment of the Auditor (Form-9) 2925 under Section 246; (iv) non-appointment of female director on the board of the Company (Form-9) 2024 under Section 154; and (v) non-appointment of independent director(s) on the board of the company under Section 166.

National Engineering Services Pakistan (Private) Limited (NESPAK): (i) non-filing of annual return, 2025 under Section 130; (ii) non-appointment of the Auditor (Form-9) 2025; and (iii) non-appointment of female director on the board of the Company (Form- 9) 2022-25 under Section 154.

Tribal Areas Electric Supply Company: (i) non-filing of annual return 2025 under Section 130; (ii) non-filing of annual accounts 2025 under Section 233; (iii) non-appointment of the Auditor (Form-9) 2025 under Section 246 and; (iv) non-appointment of female director on the board of the Company (Form-9) 2022, 2023 and 2025 under Section 154.

WAPDA Endowment Fund for Sports: (i) non-filing of annual return 2025 under Section 130; (ii) non-filing of annual accounts 2025 under Section 233; (iii) non-appointment of the Auditor (Form-9); (iv) non-appointment of female director on the board of the Company (Form-9) and; (v) non-appointment of independent director(s) on the board of the Company Listed and licensed companies only (Form- 9).

National Engineering Services Pakistan (Private) Limited (NESPAK): (i) non-filing of annual return; (ii) non-appointment of the Auditor (Form-9) and; (iii) non-appointment of female director on the board of the Company (Form-9).

Lakhra Power Generation Company Limited: (i) non-filing of annual return, 2022, 2023, 2024 and 2025; (ii) non-filing of annual accounts 2022, 2023, 2024 and 2025 and; (iii) non-appointment of the Auditor (Form-9) 2022, 2023, 2024 and 2025.

Copyright Business Recorder, 2026