KARACHI (April 02 2004): The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties of Rs 95,000 on the chief executives of three listed companies which failed to prepare and circulate quarterly accounts within the prescribed time.
The SECP is exercising strict vigilance to ensure that listed companies are submitting their quarterly accounts to their shareholders within one month of the close of the first and third quarters, and within two months of the close of the second quarter.
It is mandatory for the companies to prepare and transmit their quarterly accounts to their shareholders, stock exchanges, registrar and the SECP within the prescribed time.
The following companies were unable to offer any justifiable excuse for the contravention of these mandatory provisions of the Companies Ordinance, 1984 and, therefore, penalties were imposed on their chief executives.
Pakistan Telephone Cables failed to prepare their first quarter accounts for the period ended September 30, 2003 within the prescribed time. A fine of Rs 25,000 has been imposed on the chief executive of the company for the default.
Karim Cotton Mills Ltd failed to prepare and circulate their first quarter accounts for the period ended December 31, 2001, second quarter accounts for the period ended March 31, 2002, first quarter accounts for the period ended December 31, 2002, and third quarter accounts for the period ended June 30, 2002, within the prescribed time.
A fine of Rs 40,000 has been imposed on the chief executive of the company for the default.
Johnson Philips Ltd failed to prepare their second quarter accounts for the period ended December 31, 2001, third quarter accounts for the period ended March 31, 2002, first quarter accounts for the period ended September 30, 2002, within the prescribed time. A fine of Rs 30,000 has been imposed on the chief executive of the company for the default.
