ISLAMABAD, Jan 22: The Securities and Exchange Commission of Pakistan (SECP) has decided to prosecute all seven directors including the chief executive of a listed company for their deliberate and wilful default.

The enforcement and monitoring division of the SECP has directed the company registration office (CRO) Karachi to file an appeal in a sessions court against the directors of the company.

An SECP statement said that Quality Steel Works Limited failed to hold its annual general meeting (AGM) and lay before the shareholders the balance sheet and profit and loss accounts for the years ended June 30, 1999 and 2000.

On this failure, all seven directors including the chief executive were fined Rs20,000 each which was due to be paid by them latest by September 20, 2001 but the fine was not deposited.

Further explanation also revealed that the corporate behaviour of the company in filing its half-yearly accounts for the period ended December 31, 2000 was also unsatisfactory.

According to the latest available quotation of the Karachi Stock Exchange (KSE), the company had failed to pay any dividend to its shareholders for many years due to which its name was placed on the defaulter counter by the KSE.

Considering the defaults to be deliberate and wilful, a complaint is being filed in a court of session for prosecution of the directors of the company.