| |
The Securities and Exchange Commission of Pakistan (SECP) has imposed a fine of Rs 1.05 million each on the Chief Executives and Directors of Providence Modaraba Limited and BRR Investment (Pvt.) Limited, the managers of Guardian Modaraba and BRR International Modaraba (now BRR Guardian Modaraba), respectively.
The Registrar (Modaraba), SECP appointed inspectors and conducted inquiries into the affairs of Guardian Modaraba and BRR International Modaraba under section 21 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980. The inspectors, in the inquiry reports, pointed out violations to the said ordinance.
The Registrar took cognisance of the non-compliance of the Modaraba law, rules and regulations and issued show-cause notices to the Chief Executives and all the directors of the management companies. staff report |
