Law:

Section:

Securities and Exchange Ordinance (XVII of 1969)-------S. 22---Listing Regulations of Karachi Stock Exchange, Regln.17---Delay in communicating financial results of the company---Meeting of the Board of Directors of the company was held to consider the financial results of the company for the half year ended on December 31, 2012, but the company communicated its financial results to the Karachi Stock Exchange, a day after the meeting of the Board---Karachi Stock Exchange vide its letter, communicated to the company that its letter intimating closed period was not received timely---Company was required to communicate the reasons for delay in communicating the financial results, but no response to that was received from the company---Company was established to have contravened the provisions of the Listing Regulations of the Karachi Stock Exchange and requirement stated in the Correspondence Manual of Karachi Stock Exchange---Company was expected to be conversant and fully complied with the regulatory requirement---Security Exchange Commission in exercise of the powers under S.22 of the Securities and Exchange Ordinance, 1969, and taking lenient view imposed penalty of Rupees Twenty Five Thousands, with direction to the company to ensure that care and caution be exercised while announcing any price sensitive information; and to ensure that full compliance be made of all rules, regulations and directives of the Commission in future for avoiding any punitive action under the law. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSRD).---This order shall dispose of the proceedings initiated through Show-Cause Notice bearing No.1 (4) ECO/MSW/SMD/2013 dated March 26, 2013 ("SCN") issued to Ecopack Limited ("Company") by the Securities and Exchange Commission of Pakistan ("Commission") under Section 22 of the Securities and Exchange Ordinance, 1969 ("Ordinance"). 2. The brief facts of the case are that the Company is a public limited company listed on the Karachi Stock Exchange Limited ("KSE"). The meeting of the Board of Directors ("BOD") of the Company was held on February 27, 2013 at 11-30 a.m. to consider the financial results for the half year ended on December 31, 2012.…

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