20000315

6 companies fined for delay in AGM

RECORDER REPORT

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has fined chief executives of five companies for delay in their annual general meetings which is an offence under sub-section 4 of the Companies Ordinance 1984.

The companies, which have been penalised, are: Zahur Textile Mills Ltd, Sarhad Ghee Mills Ltd, Tristar Polyester Ltd, Quice Food Industries Ltd and Taga Pakistan Ltd.

The chief executive of Zahur Textile Mills has been fined Rs 68,850 for having failed to hold the annual general meeting for the years ended on September 30, 1997 and September 30, 1998.

The chief executive of Sarhad Ghee Mills has been fined Rs 29,800 for not holding AGM for the year ended on June 30,1998.

The chief executive of Tristar Polyester Ltd has been fined Rs 1,25,900 for having failed to hold the annual general meeting of the company for years ended on June 30, 1997 and June 30, 1998.

Similarly, the chief executive of Quice Industries Ltd has been imposed a fine of Rs 51,100 for not holding the annual general meeting for the year ended June 30, 1998 within the prescribed period.

A penalty of Rs 50,400 has been imposed on the chief executive of Taga Pakistan Ltd for delaying the annual general meetings for the year ended June 30, 1997, and June 30, 1998 till December 10, 1999.