ISLAMABAD, June 14: The Securities & Exchange Commission of Pakistan (SECP) has initiated prosecution proceedings against as many as 29 companies for failure to hold AGM and present their annual, half-yearly and quarterly accounts to the shareholders as required under the Companies Ordinance 1984.

As a result, according to an official statement, a fine aggregating Rs290,000 had been imposed on Regal Ceramics Limited and its directors, including chief executive, for failure to hold AGM for the year 2000-01 and other irregularities.

Besides, the SECP also levied a fine of Rs10,000 on the CE of Adil Polypropylene Products Limited for not holding AGM for the year 2001 within the time specified under the company law.

A fine aggregating Rs530,000 has also been imposed on Kohinoor Looms Limited and directors, including CE, for failure to hold AGM for the years 1999 and 2000 and transmit its half-yearly accounts for the periods ended March 31, 2000 and 2001.

Following companies were prosecuted for similar irregularities by the SECP:

Pakistan Northern Insurance Company, Bela Automotives, Haji Dossa, Lasbela Cement, Mehran Jute Mills, Quality Steel Works, Sterling Insurance Company, Quice Foods Industries, Sadoon Textile Industries, Sarhad Ghee Mills, Tri-Star Power, Noori Textile Mills, Dadabhoy Insurance Company, Koninoor Looms, Alif Textile Industries, Apex Fabrics, Orient Straw Board, Prudential Investment Bank, Medi Glass, Tri-Star Shipping Lines, Syed Match Limited, Karim Cotton Mills, Sindh Alkalies, Bahawalpur Textile Mills, Azmat Textile Mills, Tri-Star Polyester, Regal Ceramics, Awan Textile Mills, and Schon Textiles.