SECP seeks time to submit record: Ad by foreign firm
By Our Correspondent
LAHORE, Jan 31: The Securities and Exchange Commission of Pakistan on Monday deposed in the Lahore High Court that its administration had slapped a fine of Rs10,000 on a private firm for failing to submit a report on its business activities.
Chief Justice Iftikhar Husain Chaudhry, who took a suo moto notice of an advertisement through which the Farhan and Company had given incentives to the people to purchase property in the United Kingdom, adjourned further hearing of the case till Feb 7.
The court had served notice on the SECP to seek a report from the company, whose advertisement amounted to seducing the citizens of Pakistan to flee the country along with their financial resources. The commission submitted in court that it would make all possible efforts to produce the relevant record by the next date of hearing.
COINS: Justice Chaudhry Ijaz Ahmad of the LHC on Monday allowed Advocate M.D. Tahir to amend his constitutional petition through which he had sought a court injunction against the federal government for stopping to issue coins of all denominations.
The petitioner requested the court to allow him to amend his petition to add that the government should not only start issuing 25 and 50 paisa coins, but also resume the circulation of currency notes valuing Re1 and Rs2.
The court on Dec 20 issued notices to the ministry of finance and the State Bank of Pakistan in the process of the petition contending that stopping the circulation of currency notes and coins of smaller denominations was unconstitutional and unlawful, and it was adding to the economic hardships of the poor.
The court handed over a copy of the petition to deputy attorney-general Dr Danishwar Malik with the direction that he should submit reports on behalf of the federal government and the SBP within a month.
This was the second petition by the advocate and was based on a central bank report of Nov 30 that the coins of all denominations were legal tender and no restriction had been imposed on their minting or circulation.
The SBP, however, said the demand of coins of 1, 2, 5 and 10 paisa had come down to nil over the period. But coins of 25 and 50 paisa continued to be minted and circulated.
