ISLAMABAD, April 5: The Securities and Exchange Commission of Pakistan (SECP) has penalized three listed companies for failure to hold Annual General Meetings within the timeframe laid down in the Companies Ordinance, 1984.
The SECP spokesman, in this connection, explained that it was mandatory for companies to hold their AGMs and present therein their annual accounts at least once in every calendar year.
However, during scrutiny of their reports, the SECP found that following listed companies had contravened these requirements of law for which they could offer no reason:
(1) M/s. Valika Art Fabrics Limited did not hold AGM and lay down its annual accounts for the year ended June 30, 2003. Its chief executive has, therefore, been directed to pay a fine of Rs20,000 for the default.
(2) M/s. Karim Cotton Mills Limited failed to hold AGM for the years 2001 and 2002 and its chief executive was fined an amount of Rs25,000.
(3) M/s. Johnson & Philips (Pakistan) Limited defaulted in respect of AGM for the year 2001-02. A fine of Rs10,000 was imposed on its chief executive.
