ISLAMABAD, Sept 28: The enforcement department of the Securities and Exchange Commission of Pakistan has taken action against 12 companies for violating different legal requirements during August 2005.
Of the 12 companies, five were penalized for non/late filing of quarterly accounts, while two companies were penalized for not providing incremental depreciation on revalued assets, which resulted in overstatement of profit for the year ended June 30, 2004.
According to a statement issued here on Wednesday, these companies included Tandlianwala Sugar Mills Ltd, Redco Textiles Ltd, Quality Steel Works Limited, Service Fabrics Ltd, Johnson & Philips (Pakistan) Ltd, Suhail Jute Mills Ltd and Mian Textile Mills Ltd.
The statement said that Hashimi Can Company Limited failed to pay its liabilities towards Hashmi Can Provident Fund and was directed to pay outstanding liabilities of the provident fund within the prescribed time.
Muslim Ghee Mills Limited was directed to convene its overdue annual general meetings and to present therein the audited accounts before the shareholders. In another case, Service Fabrics Limited was advised to proceed with the sale of assets only after disclosure of facts to the SECP.
Besides, two companies, Pakistan Telecommunication Company Limited and Ittehad Chemicals Limited, were directed to provide material information to shareholders in connection with proposed resolutions at general meetings.
During the month under review, the enforcement department resolved 214 complaints out of 254 received from the investors. Comments on the remaining 40 complaints are being sought from the companies concerned.
The complaints mainly related to non-receipt of dividend warrants, non-encashment of dividend warrants, delay/non-transfer of shares and issue of duplicate shares, non-receipt of annual and interim accounts, wrongful deduction of Zakat, non-holding of AGM, non-circulation of notice of meeting, etc.
