SECP starts 73 show-cause proceedings against CEOs, directors and auditors

ISLAMABAD, September 17: As part of its mandate to safeguard the investors’ interest in both listed and unlisted corporate sector, the Enforcement Department  of the SECP in July and August initiated 73 show-cause proceedings against chief executives, directors and auditors in view of the breaches of statutory requirements related to takeover regulations, issuance of auditors’ reports, powers of directors, holding and proceedings of annual general meeting, direction to hold over-due annual general meetings, investment in associated companies and undertakings, reporting of facts, employees’ provident funds, circulation of financial statements, disclosure of directors’ interests, treatment of surplus on revaluation of fixed assets, and security deposits.

Effective corporate governance is bridge between owners, stakeholders

 

KARACHI, September 17: Corporate Governance offers a practical solution to the challenge of a good relationship between owners and other stakeholders which becomes more complex when a business expands.

The corporate governance system puts in place the policies and procedures to manage effective organizational setup that defines roles and responsibilities.

UBL Bank (Tanzania) Limited Inaugurated by H.E Dr. Mohamed Gharib Bilal

The Vice President of Tanzania, His Excellency Dr. Mohamed Gharib Bilal yesterday inaugurated UBL Bank (Tanzania) Limited (UBTL), in an impressive ceremony at the Bank’s premises, located in the heart of the city centre of Dar es Salaam. The launch was attended by a wide cross section of dignitaries & luminaries from different walks of life including HE, the High Commissioner of Pakistan, Mr. Tajammul Altaf, Mr. A Kobello, Director, Bank of Tanzania, diplomats, CEOs, and senior officials of the UBL Group, including Sir Mohammed Anwar Pervez, OBE HPk, Deputy Chairman of the UBL Board of Directors  & Chairman Bestway Group, Mr. Atif R. Bokhari, UBL’s President & Chairman of the Board of  Directors of UBTL, Mr. Zameer Choudrey, CEO Bestway Group & Director United Bank Limited, Mr. Wajahat Husain Head of UBL International & Director UBTL, and Mr. Rayomond Kotwal, UBL CFO & Director UBTL.
Over the last five decades, UBL’s global network has grown to over 1,300 branches, across UAE, Bahrain, Qatar, Yemen, USA and Pakistan.

SECP revising NBF sector regulatory framework

ISLAMABAD, September 9: Keeping in view the inherent risks in the present composition of the financial sector, the Securities and Exchange Commission of Pakistan (SECP) is the process of revising the NBF sector to reform the entire financial sector.

Mr. Imtiaz Haider, the SECP Commissioner for Specialized Companies Division, has said that the roadmap was rolled out in the form of a report in March 2013. In the said report, the SECP suggested to develop an alternative financial system by way of promoting non-bank financial (NBF) sector to diversify the inherent systemic risk and provide different asset classes to promote savings as well as meet the specific needs of participants. Other recommendations included some macro-level suggestions regarding taxation regime, encouraging long-term savings and channeling these savings to under-served segments.

SECP registered 275 new companies during August

SECP registered 275 new companies and licensed 3 nonprofits in August

ISLAMABAD, September 6: The Securities and Exchange Commission of Pakistan (SECP) registered 275 new limited liability companies in August, bringing the total corporate portfolio to 62,258 companies.

In the corresponding month, last year, 274 companies were registered. In addition to the companies registered, the SECP issued licenses to 3 non-profit associations under Section 42 of the 1984 Companies Ordinance. 

WITHDRAW IMPOSITION OF ‘CAPACITY TAX’ ON THE BEVERAGE INDUSTRY

CCP RECOMMENDS TO GOVERNMENT TO WITHDRAW IMPOSITION OF ‘CAPACITY TAX’ ON THE BEVERAGE INDUSTRY

ISLAMABAD, 04 SEPTEMBER 2013: The Competition Commission of Pakistan (CCP) has issued a Policy Note to the government recommending it to withdraw the imposition of ‘capacity tax’ on the beverage industry.

Soon after Dr. Joseph Wilson taking charge as Acting Chairman, the CCP became functional again and took notice of various news items raising concerns by the beverage industry on the imposition of Federal Excise Duty (FED) and Sales Tax, vide notification SRO No. 649(I)/2013 dated 9th July, 2013 on production/installed capacity instead of actual sales. 

Strategic Investors of TSML Appreciate NBP Efforts

Strategic Investors of TSML Appreciate NBP Efforts

KOREAN DELEGATION FROM AL-TUWARQI GROUP OF SAUDI ARABIA AND POSCO STEEL OF KOREA VISITED NBP HEAD OFFICE

Karachi: “At one stage the future of TSML was in doldrums but project was completed in time and commenced operation in January this year. This would have not been possible without the active support of National Bank of Pakistan. Now we are in the process of expanding our operations and one such project is use of local iron ore, for which testing has started today”, these were the opening remarks of Mr Zaigham Adil Rizvi, Country Head and Director projects Tuwairqi Steel Mills Limited (TSML) when has visited NBP Head Office along with his Korean joint venture partners, POSCO.