tag:blogger.com,1999:blog-2412569682202783196.post3403258089786667713..comments2020-01-11T12:24:49.394+05:00Comments on MediaTrial: SECP - A sinking Titanic!Unknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2412569682202783196.post-47713166348078192792011-06-29T13:43:32.338+05:002011-06-29T13:43:32.338+05:00PRESS RELEASE published in Daily Pakistan Today on...PRESS RELEASE published in Daily Pakistan Today on its 29th June 2011's edition says: <br /><br />ISLAMABAD - Securities and Exchange Commission of Pakistan (SECP) has issued a clarification on a news item published in Profit on June 24 titled “SECP pushes for favoured advisor”.<br />SECP maintains that it is important to clarify that the SECP has neither flouted nor ignored any ruling of the honorable Supreme Court on the appointment of contractual employees.<br />The facts of the case are presented as follows: The SECP is an autonomous ‘body corporate’ established under the 1997 Securities and Exchange Commission of Pakistan Act (SECP Act) and it is not an attached department of any ministry. Abdul Rehman Qureshi, an employee/member of the erstwhile Corporate Law Authority (CLA) was appointed as SECP Commissioner with effect from January 1, 1999 upon the establishment of the SECP under the SECP Act. He completed his two terms as Commissioner on December 31, 2004.<br />He was also assigned acting charge of Chairman, SECP for a period of nine months. Qureshi being a regular employee of the SECP continued his service as Advisor till the date of his superannuation i.e., July 6, 2009. He was appointed Advisor by the SECP on contract beginning from July 7, 2009 for a period of two years as per provisions of the SECP Act and the SECP service manual. Meanwhile, he was also assigned the additional charge of Secretary to the Commission and also for its Policy Board as no substitute was available at the time. Qureshi possesses vast experience and expertise in the administration of corporate laws and is rendering a valuable service to the SECP in the capacity of advisor.<br />The SECP is empowered to appoint any advisor in terms of the provisions of Section 9 of the SECP Act and as per the policy guidelines prepared by it in consultation with the Securities and Exchange Policy Board<br />and there has been no violation of the laid down procedure.MediaTrial.https://www.blogger.com/profile/12087290006304411421noreply@blogger.comtag:blogger.com,1999:blog-2412569682202783196.post-14552501027656505782011-06-28T19:45:17.258+05:002011-06-28T19:45:17.258+05:00The news is very interesting. The man cited in thi...The news is very interesting. The man cited in this article, has been working in Kohinoor Group. He was selected in erstwhile CLA as Assistant Registrar of Companies, Company Registration Office, Lahore. According to the sources that he has been looking after the interest of above said group of companies. Muhammad Ashraf, Company Secretary of the KGoC has been liaison on behalf of its group. Abdul Rehman Qureshi, then met a joiner level official Muhammad Amin Hashmi who has been working in Industrial department, govt. of Punjab at Poonch House, near chuburji, Lahore. He, Amin Hashmi and one more gang article Ahmed Muzzamil get together and make triangle and leadership handedover to Amin Hashmi.<br /><br />According to reliable sources, Abdul Rehman Qureshi, as a Registrar, has been getting bribe in terms of registration of news companies, registration of charge cases, issuance of certified copies, registration of other statutory documents. The rate was then started from 50/- to Rs. 1000 and according to the situation of case.<br /><br />Abdul Rehman Qureshi has been used to put pressure on the to bureaucracy to remain in CLA now SECP through black mailing tactics as number of bureaucrats have been doing (unlawfully) businesses by making companies under the Companies Ordinance, 1984. This idea was invented Muhammad Amin Hashmi and Ahmed Muzzamil (both have been retired from CLAS/SECP). The conduct of later was told as a patient of hysteria, now-a-days.Anonymousnoreply@blogger.com