ISLAMABAD, Dec 24: The SECP has penalized four companies for violation of different legal provisions during Nov 2005. According to SECP three companies including Ahmed Spinning Mills, Khairpur Sugar Mills and Saleem Sugar Mills were penalized for not filing quarterly accounts of the first two quarters of 2005.

Similarly, Pak Elektron Ltd was penalized for non-compliance with the SECP’s directive to recover unauthorized investments along with mark up from its associated undertakings. Fine aggregating Rs545,000 was imposed on chief executives and directors of these companies.

The SECP stopped Chenab Textile Mills from passing resolution including in agenda for its extraordinary general meeting regarding sale of fixed assets of the company comprising of freehold land, plant and machinery, as the company had not disclosed material information in the statement of material facts.—APP