Law: Companies Ordinance, 1984

Section: 86

Securities and Exchange Ordinance (XVII of 1969)---Ss. 9(4) & 22(c)---Companies Ordinance (XLVII of 1984), S.86(1)---Listing Regulations, V, Regln. 8(3)(4)---Listing Regulations, II, Regln: 3---Companies Share Capital (Variation in Rights and Privileges) Rules, 2000, R.5(i)---Listing preference share by Stock Exchange---Violation of Listing Regulations---Imposition of penalty---Matter before Executive Director (Securities Market) of the Commission had arisen from the fact that Stock Exchange, had listed preference shares of two Companies in violation of its Listing Regulations---Listing of preference shares on Stock Exchange of the two Companies, issued to Financial Institutions and Banks, was in violation of Listing Regulation II(3)---Listing Regulations II, 3(2), required that Stock Exchange in granting permission of listing at the Exchange, would consider sufficiency of public interest in the company on the securities---Preference shares of the two Companies had not been privately placed with institutional investors without any offer to general public---No sufficient public interest, in circumstances existed in listing of preference shares of said two companies---Listing of said shares, was contrary to requirements of Listing Regulations II, 3(2)---Board of the Stock Exchange had been empowered under Listing Regulations II, 3(4) to release any of Listing Regulation subject to two third majority of Directors present at the meeting of the Board of the Exchange and so resolving---Managing Director of the Stock Exchange had confirmed that no such relaxation was granted by the Board of Directors in the case of two Companies---No verbal approval was granted by Commission to the Stock Exchange for listing of such shares in violation of Stock Exchange's own Listing Regulations---Insufficiency of public interest in the listing of preference shares of the Companies, was a material deficiency since it was a violation of requirements of Listing Regulations II---Executive Director of the Commission, in exercise of powers conferred by subsection (4) of S.9 of Securities and Exchange Ordinance, 1969, ordered the Stock Exchange to de-list preference shares issued to 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