20000212

Cos told to publish notices in national papers prominently

RECORDER REPORT

ISLAMABAD: Pakistan Security and Exchange Commission (SECP) on Friday directed all listed companies to publish their notices in national newspapers, and at appropriate pages, distinctly and conspicuously.

This has been done in view of the fact that certain listed companies have been ignoring the spirit of the provision by placing notices in classified sections of local papers.

The SECP in its circular issued on Friday 10, 2000 said:

"1) With a view to safeguarding the interest of general public, the Companies Ordinance, 1984, specially provides that in the case of a listed company, the notices, in addition to their being dispatched in the normal course, shall also be published at least in one issue each of the daily newspaper in English language and a daily newspaper in Urdu language having circulation in the province in which the stock exchange on which the company is listed, is situate.

"2) It has been observed that certain companies publish the notices meant for their members and the general public in some local newspapers in classified section of the paper, which does not meet the requirements of the statutory provisions of the Companies Ordinance.

"3) All the listed companies are directed to publish the notices in the national morning newspapers at appropriate pages, distinctly and conspicuously, so as to meet the objectives of the publication of such notices in the newspapers. Any deviation from the aforesaid requirement will be treated as violation of the relevant provisions of the Companies Ordinance, 1984."