ISLAMABAD, July 12: The Securities and Exchange Commission of Pakistan penalized 168 companies last month for violating different legal provisions.
According to an official announcement issued here on Tuesday, the Companies Ordinance, 1984 empowers SECP’s registrars of companies to initiate actions against companies and their management for violations of the law.
The violations observed by the registrars during June mainly pertained to delay in filing of statutory returns, including late filing of annual returns, forms A/B and form 29 indicating the particulars of directors and officers of the companies or any change therein, circular for further issue of capital under section 86 of the ordinance, return as to allotments, annual accounts, statements of beneficial ownership of listed securities and special resolutions passed by companies.
A total of 114 cases pertained to late filing of form 29 by the corporate entities were registered. Of the 168 cases, the registrar at the SECP head office adjudicated 20 cases, while the remaining 148 cases were handled by company registration offices (CROs) in eight cities of the country.
The Karachi CRO adjudicated 32 companies, while CROs at Lahore and Islamabad adjudicated 89 and 15 companies, respectively.
The remaining CROs adjudicated a total of 22 cases. The aggregate penalty imposed by the registrars last month amounted to Rs434,100.
