National Accountability Bureau returns Rs 435 million to Bank of Punjab

Islamabad, April 03, 2014 (PPI-OT): National Accountability Bureau (NAB) has returned Rs 435 million to the Bank of Punjab (BoP) which were recovered in different corruption cases of BoP investigated/prosecuted successfully by the NAB.

A meeting was held here today at NAB Headquarters to discuss the status of the pending cases pertaining to BoP. Chairman NAB Qamar Zaman Chaudhry presided over the meeting which was attended by senior officers of NAB. The delegation of BoP was headed by its President Mr. Naeemud Din.

The meeting was apprised that 30 cases of BoP are with the NAB at different stages of investigation and prosecution. Chairman NAB directed senior officers of the Bureau to expedite the execution of these cases so as to achieve finality at the earliest. He also asked the BoP to cooperate and coordinate with NAB investigation team to achieve the task in the quickest manner.

For more information, contact:
National Accountability Bureau (NAB)
ATTATURK AVENUE G-5/2, Islamabad
Tel: 051-111-NAB-NAB (111-622-622)
Fax: 051-9214502-03

Securities and Exchange Commission of Pakistan, American Business Council compare notes on Corporate Law Reforms

Islamabad, April 03, 2014 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) held meetings with the American Business Council (ABC) to discuss reforms in corporate laws, freshly introduced rules for code of corporate governance and other business concerns. The meeting was part of SECP’s efforts to have a broad-based engagement and dialogue with various stakeholders on business issues and was held at the ABC office in Karachi.

Chairman SECP, Tahir Mahmood, Commissioner Securities Market Division Zafar Abdullah, and Commissioner insurance Asif Arif represented the SECP while the ABC team included Saad Amanullah Khan, President ABC, and Tauqir Ahmed, Senior Vice President, along with other members of the executive committee.

The SECP Chairman gave a detailed briefing to the members of ABC about the steps being taken by SECP for the development of the new corporate law, code of corporate governance, capital market, corporate sector, insurance sector, debt market, and the NBFC sector.

He informed the meeting that the Corporate Law Review Commission (CLRC) is preparing the draft of a new companies’ ordinance to repeal the existing law that will help promote small and medium size companies in the country. The new law will provide a breathing space for smaller companies in the form of lesser regulation and an encouraging regime for raising and maintaining capital for small companies, he added.

Regarding the newly introduced code of corporate governance, chairman SECP, Tahir Mahmood said that it would help the Pakistani corporates achieve acceptance in local and international markets and lead to increase in investor confidence.

During the meeting detailed deliberations were held on different aspects of the code of corporate governance, corporate law, company audits of cost accounting rules, and licensing and corporate governance for associations not for profit.

The ABC made suggestions on various reforms, including amendments to the Companies Ordinance 1984, Takeover Ordinance, cost audit, and inter-company financing. Chairman SECP assured the ABC that due consideration will be given to their recommendations as well as the recommendations received from other stakeholders.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254

Securities and Exchange Commission of Pakistan to introduce e-voting

Islamabad, April 03, 2014 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) initiated the process for e-voting to facilitate members to vote for resolutions in the general meetings through e-voting. The SECP has provisionally approved the e-voting scheme and has drafted relevant regulations.

The technological advances have enabled members to participate in general meetings without being physically present. Electronic voting or “e-voting” is one such method which is becoming popular throughout the world to facilitate shareholders and to maximize their participation in general meetings for various approvals from members of a company.

The proposed regulations provide that companies shall communicate to their member the option to participate, through e-voting, in the business to be approved at the general meeting. The members opting for e-voting shall have to appoint the intermediary, nominated by the company, as their proxy. Members intending to cast an electronic vote are required to be authenticated through secured electronic signature provided by the intermediary, and shall cast vote online through the website of intermediary during the time specified in the notice of the meeting. The intermediary is required to keep the result of electronic vote confidential and cast vote on behalf of members acting as their proxy during the time of poll.

The process of e-voting is exhaustively elaborated through regulations in such a manner that it will not prevent the members from exercising their rights. For this purpose companies will have to make provision for taking a poll as the mode of voting and the appointment of non- member as a proxy in the respective articles of association if not, already provided. The choice and the manner of exercise of proxy e-voting shall be communicated to the shareholder through notice of meeting.

The regulations lay down qualifications and criteria for the intermediary for the process of e- voting and will be appointed by the company at least 30 days before meeting and shall have a certificate of accreditation issued by the Electronic Certification Accreditation Council established under Section 18 of the 2002 Electronic Transactions Ordinance. E-voting will be beneficial to shareholders, especially the minority shareholders, of listed companies as they are widely located across the territorial jurisdiction of Pakistan plus the, international geographical locations by virtue of listing of securities on the international stock exchanges.

This is one more example of the SECP’s efforts to facilitate shareholders and developing corporate sector through effective use of technology. The Companies (Proxy E-Voting) Regulations, 2014, will be placed before the Policy Board for its approval before publishing them to elicit the public opinion

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254

Anti encroachments task force remove encroachments around Quaidabad roundabout

Karachi, April 03, 2014 (PPI-OT): A group of armed men resisted anti encroachments action and opened fire on the anti encroachments squad of KMC during their action on both side of Quaidabad roundabout. The law enforcement agencies took action and controlled the situation after arresting more than ten miscreants.

Administrator Karachi Rauf Akhtar Farooqui has said that the ongoing campaign against encroachments will continue in Karachi as these illegal structures were creating hurdles in the smooth flow of traffic on various busy corridors and roundabout in the city and also proved troublesome for the pedestrian.

In order to rectify this situation, action against such encroachments will be carried out in other areas of Karachi till the removal of all sorts of encroachments. Meanwhile the anti encroachments task force of KMC led by its chairman Bilal Manzar took action in Quaidabad and removed hundreds of cabins, hotels, concrete and semi concrete shops, patharas and other such structures on both side of the Quaidabad roundabout.

These encroachments were causing trouble for the citizens since long and the people appreciated this action. The deputy director and focal person anti encroachments task force Nasim-ul-Ghani, deputy director Abdullah Shafiq and other officials along with a heavy contingent of police took part in the action.

Meanwhile the anti encroachments task force of KMC also took action in Malir, Bahadurabad and Haideri Market and removed more than 400 cabins, roadside hotels, thellas, shops and illegal bus stops. The operation was performed under heavy security arrangements and therefore no resistance was seen in these areas. Chairman anti encroachments task force Bilal Manzar and Director anti encroachments Mazhar Khan supervised the above action.

For more information, contact:
Administrator Secretariat
Karachi Metropolitan Corporation (KMC)
City District Government Complex, 1st Floor, Civic Centre,
Gulshan-e-Iqbal, Karachi
Tel: +9221 9923 2400 -01
Fax: +9221 9923 2406

Enhancing People-to-People and Parliamentary contacts to strengthen friendship between Pakistan and Argentine: National Assembly Speaker

Islamabad, April 03, 2014 (PPI-OT): Speaker National Assembly has said that Pakistan values its multi dimensional and decade old friendship with Argentine which has witnessed positive development over the years. He said that Pakistan strongly desires to further cement its ties through enhancing parliamentary and economic ties with Argentine. He was talking to Foreign Secretary of Argentine Mr. Eduardo Antonio Zuain who called on him in Parliament House, this afternoon. The Ambassador of Argentine Mr. Rodolfo Martin-Saravia was also present during the call on.

The Speaker said that parliaments of both the countries could bring both the nations more closer. He was confident that parliamentarians from either side would help strengthen people-to-people contacts and create better understanding between the two countries. He was confident that parliamentarians from either side would help strengthen people-to-people contacts and create better understanding between the two countries.

The Speaker apprised the visiting dignitary about the reconstitution of Pak-Argentine Friendship Group in National Assembly of Pakistan. He welcomed the re-launch of Argentine-Pakistan Parliamentary Friendship Group in the Parliament of Argentina and appreciated Argentine’s support to Pakistan on multilateral forums.

Sardar Ayaz Sadiq said that present parliament consists of progressive forces, a vibrant opposition which was playing a constructive role in the Parliament. The Speaker said both the sides of aisle were on the same page on issues of national importance and concerning masses. He said that the revival of economy and creating conducive environment was on the top of the agenda of the present democratic government. He said that pro-investment policies have been devised which has built up the trust of the investors and generated economic activity in the country.

The Speaker stressed the need to enhance interaction between business communities of both the countries. He said that greater interaction would result in identifying fields of mutual interest since lots of potential exists on either side.

He said that economies of both the countries were agro-based, therefore, collaboration in the fields of Agriculture, food processing, fisheries and agricultural machinery manufacturing would be beneficial. Praising the Ambassador, the Speaker said that friendship between both the countries has intensified during his tenure. He asked the Ambassador to facilitate visits of Argentinean investors to Pakistan for expansion of bilateral economic ties.

Appreciating the remarks of the Speaker, the Foreign Secretary Mr. Eduardo Antonio Zuain said that Argentine is not only a dear friend of Pakistan but a strategic partner. He said that his country values its historic friendship with Pakistan and wants to further strengthen it through enhancing people-to-people and Parliamentary contacts.

He said that Speaker of the Argentinean Parliament would visit Pakistan along with a delegation in the coming year. He said that Argentine will continue its support to Pakistan at international fora. He agreed for enhancing commercial ties with Pakistan. He informed the Speaker about protocols signed between Pakistan and Argentine for cooperation in cultural promotion and investment during his current visit.

For more information, contact:
Karamat Hussain Niazi
National Assembly of Pakistan
Parliament House, Islamabad
Tel: +9251 922 1082 -83
Fax: +9251 922 1106

Morning Glory crew to arrive in a couple of days: Governor Sindh

Karachi, April 03, 2014 (PPI-OT): Sindh Governor Dr Ishrat Ul Ebad Khan said on Wednesday that all arrangements had been completed for ensuring early return of the Pakistani crew members of the Morning Glory oil tanker, which was freed from the control of Libyan rebels some days back by the American forces off the Cyprus coast.

Presiding over a meeting on the issue of the Pakistani crew members of Morning Glory, the governor said that the arrival of the freed Pakistani crew could take two to three more days.

According to him, the Pakistani Embassy in Tripoli took the custody of five out of the six Pakistani crew members, who were moved to a secure location.

The authorities concerned have been ordered to secure the freedom of the chief officer of Morning Glory, Ghufran Ahmed, and he too would soon be handed over to the Pakistani embassy. All the travel documents and tickets for the transportation of the Pakistani crew members are being processed.

The governor particularly expressed gratitude for the services of Pakistani Ambassador to Libya Lt Gen (retd) Javed Zia, President House, Foreign Office and the Governor House staffers concerned for securing the freedom of the Pakistani crew members of Morning Glory oil tanker as well as ensuring their early return to the country.

He said that the Pakistani authorities were in constant touch with the family members of the Pakistan crew members and they were being duly informed about the updates of the situation vis-à-vis their release and return to Pakistan.

For more information, contact:
Syed Wajahat Ali
Press Secretary to Governor
Sindh Governor House
Tel: 99201217, 99201201-3

Inauguration of Tent Pegging event at F9 Park

Islamabad, April 03, 2014 (PPI-OT): Third Annual Tent pegging Event, organised by the sports and culture directorate of Capital Development authority (CDA) will be held at F-9 Park on 4th and 5th April, 2014. Chairman CDA, Maroof Afzal will inaugurate the event at 10:30 AM on April 4, 2014 at Mehran Gate (G-9 Gate), Fatima Jinnah Park (F-9 Park).

Renowned Teams from Khyber Pakhtunkhwa (KPK), Punjab and Azad Kashmir will participate in the Tent Pegging competitions. Event Includes single ride, double ride and 4 men ride tent pegging competitions. More than six hundred (600) renowned horse riders are participating in the event.

First time horse riders from Afghanistan, China and Turkey are also participating in the event. Winning teams and riders will be awarded with prizes in the concluding ceremony on April 5, 2014.

For more information, contact:
Public Relations Directorate
Capital Development Authority (CDA)
Main Office, G-7/4, Islamabad
Tel: +9251 925 2614