Chairman ZTBL Board of Directors Sultan Ali Chaudhry has said that important functions of ZTBL have suffered badly due to "an adamant President" who is not ready to hold the Board meeting in line with instructions from the SBP.He said the issue was taken up in 66th ZTBL BoD meeting held on 22nd November 2013.
According to him, one such event is non-approval of the financial accounts for the period ended June 30 to September 30, 2013 despite SBP's confirmation that under Section 177 of Companies Ordinance 1984 the present Board should be convened to do the same.
In addition, he said, a very important document related to Risk Assessment of the Bank (IRAF), which is mandatory to be sent to SBP by August 14 of every year has also not been complied with. It is also a violation of the SECP requirements, he added.
Chaudhry further claimed that the manpower budget for 2013 has not been approved by the Board and bank management was making appointments in gross violation of rules.
He further expressed concerns that a number of ex-employees, who had been terminated on corruption and disciplinary charges, have been re-employed in a non-transparent manner.
He said the Board members were quite disturbed over the non co-operation from bank management but still preferred to exercise restraint and decided to provide last opportunity to the President as well as Secretary before taking any action.
Sultan Ali Chaudhry said he ha also sent a letter to Federal Secretary Finance on November 23, 2013, apprising him of "non-cooperation" of President ZTBL for last six months on holding Board meeting.
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