Thursday, January 07, 2010
By our correspondent
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday seized the funds of Ahmed Spinning Mills Ltd (ASML) on depriving its shareholders of their rightful share of Rs213.425 million and authorised an investigation into the matter.
The decision came after the reports that the directors of ASML has sold its investment at a throwaway price to an off-shore shell company and subsequently these investments were sold in a public offer at a price of Rs333 per share, thus depriving shareholders of their rightful share of Rs213.425 million.
The matter was taken before the Sindh High Court (SHC). The SHC, its order on October 12, 2007 in the matter of Ahmed Spinning Mills Ltd (ASML) titled M.A. 04 of 2007 Sheikh Abdul Wahid & Others vs Securities and Exchange Commission of Pakistan (SECP) & Others has held that the price differential of Rs213.43 million arising out of the proceeds of sale of ASML’s investment in the shares of Untied Sugar Mills Ltd belong to such shareholders of ASML who held the shares on November 10, 2004 in proportion to their respective shareholdings.
It was further directed that such shareholders of ASML may approach the SECP for their claim in this regard.
The SECP shall verify these claims and submit a report before the Nazir of the Karachi SHC.
The report will be further verified by the Nazir and placed before the Karachi SHC for appropriate directions. Accordingly, those shareholders who held the shares of ASML as on November 10, 2004 are advised to file their claims with the SECP at its head office, along with the relevant documentary evidence of their shareholding, on or before February 10, 2010.
The claim forms containing the prescribed procedure and list of supporting documents are available on the SECP website or may be obtained from Company Registration Offices (CROs).
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