ISLAMABAD, July 30: Seven companies have been penalized by the Securities and Exchange Commission of Pakistan (SECP) allegedly for failure to prepare and transmit their half-yearly accounts on time.

These accounts, an SECP source stated here on Tuesday, are required under the Companies Ordinance, 1984, to be transmitted to all the members for keeping them informed of the affairs of the company concerned. These accounts also have to be filed with the Registrar of Companies, the Commission and the stock exchanges.

The Enforcement and Monitoring Division of SECP, which has been exercising strict vigilance over the companies in the interests of minority shareholders and good governance, issued show cause notices. As the following companies failed to offer any justification for contravention of relevant provisions of the company law in their responses to the notices, it levied penalties on their chief executives and directors:

(1) Prudential and Guarantee House Limited (fined Rs200,000); (2) Quality Steel Works (fined Rs175,000); (3) Syed Match Company Limited (fined Rs150,000); (4) Appollo Textile Mills Limited (fined Rs25,000); (5) Mediglass Limited (fined Rs175,000); (6) Quice Food Industries Limited (Rs385,000); and (7) Kaiser Arts and Crafts Limited (fined Rs50,000).