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Senate Committee directs SECP to examine manipulation of share prices of BOP
SENATOR SALEEM MANDVIWALLA, CHAIRMAN SENATE STANDING COMMITTEE ON FINANCE, REVENUE, ECONOMIC AFFAIRS, STATISTICS AND PRIVATIZATION PRESIDING OVER A MEETING OF THE COMMITTEE AT PARLIAMENT HOUSE ISLAMABAD ON AUGUST 23, 2017.

Senate Committee directs SECP to examine manipulation of share prices of BOP

ISLAMABAD: The Senate Standing Committee on Finance, Revenue and Economic Affairs, in its meeting has asked Securities Exchange Commission of Pakistan (SECP) to thoroughly examine the alleged manipulation of share price of Bank of Punjab (BOP) by underwriting of shares along with details of shares purchased and sold by the management and directors of BOP from January 2015 to March 2017.

The meeting was held under the chairmanship of Senator Saleem Mandviwala at the Parliament House. The committee in meeting listened to grievances of some shareholders of the bank as well as the senior management of the Bank of Punjab.

It was decided that the committee will wait for SECP to compile a report after deeply looking into the matter and finding out if there have been any irregularities or illegalities in the whole process. The committee being an oversight body will then look into the matter.

The meeting also discussed audit of withholding taxes collected by the telecom sector FBR and AGPR told the meeting that the data currently provided by telecom sector is not in a form, from which meaningful inferences can be drawn and hence a new consultation process for specialized audit in on way.

The matter of containers containing imported goods being held at ports due to delay in carrying out formalities on part of some bodies was also discussed in the meeting. The committee was of the view that businesses of importers should not get affected if concerned departments are delaying the due processes.

Prominent among those who participated in the meeting included Chairman FBR Tariq Mehmood Pasha, Member Customs Mohammad Zahid Khokhar, Member Operation Khawaja Tanveer Ahmed, Member Inland Revenue Policy Dr. Mohammad Iqbal.