ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has appointed an administrator of Unicap Modaraba in place of its management company for failing to follow the rules.
The SECP has changed the Map Out Modaraba Management Company (Pvt) Ltd as the regulator noted that the Unicap Modaraba affairs were not being managed in accordance with sound business principles and prudent commercial practices, which was prejudicial to the stakeholders’ interests.
“Map Out was non-compliant with the mandatory condition of injection of funds in Unicap Modaraba imposed by the SECP at the time of transfer of the management rights of Unicap Modaraba to it in November 2014,” the SECP said in a statement on Wednesday.
“This was contrary to repeated commitments.”
The SECP said that despite getting a number of extensions by the SECP, Map Out failed to inject the requisite funds into the Modaraba.
In addition, Map Out also failed to comply with various other regulatory requirements, including non-transmission of quarterly accounts and non-deposit of shares and modaraba certificates with the Central Depository Company.
Courtesy : Dawn News