The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties on three listed companies unable to hold Annual General Meetings.
The SECP imposed penalties amounting to Rs 55,000 on the Chief Executives of three listed companies for failure to hold Annual General Meetings (AGMs), said a release issued by the SECP on Monday.
The SECP has been exercising strict vigilance to ensure that the listed companies conform to the requirements of the Companies Ordinance. It is mandatory for companies to hold their AGMs and lay therein the annual accounts once at least in every calendar year, within a period of four months following the close of the financial year.
The SECP found that the following companies had contravened the requirements of the Companies Ordinance and were unable to offer and justifiable reason for the contravention. Accordingly, penalties were imposed on the chief executives of these companies:
M/s Valika Art Fabrics Limited failed to hold AGM and present therein annual accounts for the year ended 30th June, 2003. A fine of Rs 20,000 has been imposed on the chief executive of the company for the aforesaid default.
M/s Karim Cotton Mills Limited failed to hold AGM for the years 2001 and 2002 and present therein annual accounts for the years ended 30th September 2001 and 30th September 2002.
A fine of Rs 25,000 has been imposed on the chief executive of the company for the aforesaid default.
M/s Johnson and Philips (Pakistan) Limited failed to hold AGM and present therein annual accounts for the year ended 30th June 2002.
A fine of Rs 10,000 has been imposed on the chief executive of the company for the aforesaid default.