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021219
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD
Circular No. 18
Reference No. No.EMD/D-II/7/2002
December 19 , 2002
SUBMISSION OF QUARTERLY ACCOUNTS BY THE LISTED COMPANIES
Consequent upon an amendment in the
Companies Ordinance, 1984 through the Companies (Amendment)
Ordinance, 2002, the listed companies are required to
circulate their 1st, 2nd and 3rd quarter accounts within one
month of the close of the respective quarter. Further,
through this Commission’s Circular No.16/2002 dated December
11, 2002 listed companies were directed to ensure that the
cumulative figures for the half year presented in the second
quarter accounts are subject to limited scope review by the
statutory auditors.
2. The Commission has received
communications from some of the listed companies whose
financial year closed on June 30, 2002 that due to recent
change in law they are finding it difficult to circulate 2nd
quarter accounts for the period ending on December 31, 2002
within one month of the close of the said quarter i.e. up to
January 31, 2003 as they have already set mutually
convenient dates for their Board Meeting for approval of
accounts for the period ended December 31, 2002, before the
promulgation of the Companies (Amendment) Ordinance, 2002.
Certain other listed companies whose financial year closed
on September 30, 2002 and which have not circulated their
4th quarter accounts have represented that they may also be
allowed to circulate their annual audited accounts within
four months of the close of their financial year i.e. by
January 31, 2003.
3. In view of the practical
difficulties being faced by the listed companies in
complying with the provisions of Section 245 as amended
through the Companies (Amendment) Ordinance, 2002 so far as
they relate to the preparation and circulation of 2nd
quarter accounts for the period ended December 31, 2002, the
Commission is pleased to grant a one time general relaxation
to listed companies for circulation of their 2nd quarter
accounts which would end on December 31, 2002 within two
months thereof. Accordingly, such companies may circulate
their 2nd quarter accounts for the period ended December 31,
2002 by February 28, 2003.
4. For the listed companies whose financial year has
ended on September 30, 2002 and which have not circulated
their 4th quarter accounts, the Commission is further
pleased to allow such companies to circulate their annual
audited accounts by January 31, 2003. Such companies should,
however, hold their Annual General Meetings by March 31,
2003 as required under Circular No. 13/2002 dated November
6, 2002.
5. The listed companies are
advised to strictly follow all other statutory requirements
in respect of circulation of accounts and holding of their
Annual General Meetings.
(Ashfaq Ahmed Khan)
Director (E&M)