SECP initiates 35 show cause proceedings

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ISLAMABAD, Apr 8 (APP): The Securities and Exchange Commission of Pakistan (SECP) has initiated 35 show cause proceedings against companies, their auditors and directors for various alleged violations of provisions of the Companies Ordinance, 1984 in March 2016.

The violations include failure to comply with legal provisions
in respect of holding annual general meetings, filing of interim accounts and delay in deposit of provident fund amount, discharge of duties by auditors, making false statement in the accounts and non compliance with SECP’s directions etc.

The SECP intends to ensure that quality audits are conducted
by the statutory auditors, said a statement issued here on Friday.