ISLAMABAD, Aug 5: The Securities and Exchange Commission of Pakistan (SECP) has relaxed the mandatory requirement regarding the disclosure of capacity of an industrial unit, its actual production and reasons for shortfall in the annual accounts of listed companies and their subsidiaries.
In an official announcement issued here on Friday, the commission stated it had bee observed that certain industries like automobile, manufacturing and textile were facing difficulties in providing precise disclosure regarding the industrial capacity and actual production required under Clause 3(i) of Part-I of the Fourth Schedule to the Companies Ordinance, 1984.
Some of companies/professionals suggested that the mandatory disclosure requirements should be subject to “where determinable” to remove difficulties faced by the listed companies.
The SECP examined the proposal and decided that since the difficulties faced by the listed companies were genuine, the words “where determinable” should be inserted in the said clause. A notification in this regard has been placed on the SECP website: www.sec.gov.pk.
