Law:

Section:

Securities and Exchange Ordinance (XVII of 1969)-------S. 22---Listing Regulations of Karachi Stock Exchange, Regln.16(1), Clause 35(xx)---Failure to disclose material information---Company vide its letter conveyed its financial results to the Karachi Stock Exchange for relevant period---Major difference in the earning and profitability was observed in the said announcements of the company---Company had failed to disclose the requisite price-sensitive material information as envisaged in clause 35(xx) of the Listing Regulations thus did not comply with the provisions of Regulation 16(1) of the Listing Regulations of Karachi Stock Exchange---Effect---For efficient, fair and transparent market, two principles must apply; companies need to release relevant information as soon as it was available; and all the investors who wanted to deal in shares, should have access to the same information at the same time---For the protection of the investor's interest a listed company must communicate information to shareholders; and potential shareholders in such a way as to avoid the creation of false market---When an announcement was to be made a company must take all reasonable care to ensure that any information it disseminates to the market was not misleading, false or deceptive; and that it does not omit anything that was likely to affect the price of the scrip---Company had failed to disclose the requisite price-sensitive material information as envisaged in the Listing Regulation---Management of the company was expected to be conversent in and fully comply with regulatory requirements---Company was established to have failed to conform to the provisions of Securities and Exchange Ordinance, 1969 by failing to comply with the provision of Listing Regulations made thereunder---Taking a lenient view, Commission had imposed a penalty of Rs.500,000 on the company, with direction to ensure that full compliance be made of all rules, regulations and Directives of the Commission in future for avoiding any serious punitive action under the law. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSRD).---This Order shall dispose of the proceedings initiated through Show Cause Notice (the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492