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HomeEconomyLEGAL CLARITY: SECURITY PAPERS LIMITED REJECTS 'SOE' TAG, COURT DENIES LEGAL CHALLENGE

LEGAL CLARITY: SECURITY PAPERS LIMITED REJECTS ‘SOE’ TAG, COURT DENIES LEGAL CHALLENGE

Karachi: Security Papers Limited (SPL) ne The News mein 27 December 2023 ko print ki gayi news “Despite law enacted on IMF demand: Govt continues to appoint bureaucrats as SOEs board members” ke hawale se description di hai.

SPL ne pehli bat ye ki hai ke news mein ghalati se SPL ko State-Owned Entity (SOE) qarar diya gaya hai, jabke wazeh hai ke SPL aik Public Listed Company hai aur SOE Act 2023 ke mutabiq koi non-conformity nahi hui hai, kyun ke ye act SPL par apply nahi hota.

SPL 1965 mein Private Limited ki shakal mein qaim ki gayi thi aur phir 1967 mein Pakistan Stock Exchange (PSX) mein list ki gayi thi. Us waqt se lekar ab tak, SPL Public Listed Company ke tor par kaam kar rahi hai aur 2017 ke Companies Act aur 2019 ke Listed Companies (Code of Corporate Governance) Regulations ke mutabiq har saal SPL ki Compliance Statement Securities and Exchange Commission of Pakistan (SECP) ke saath file ki jati hai.

Iske alawa, haal hi mein SPL ki legal status ko Islamabad High Court (IHC) mein Writ Petition No. 3877 of 2023 mein challenge kiya gaya tha, jise IHC ne dismissed kar diya aur reasonable penalty bhi laga di gai, jo ke petitioner ko SPL ke khilaf legal process ka istemal karne par ada karna tha. Jiske baad bhi, ye mamla abhi recommendation mein hai. 

SPL ki listed status ko 27 June 1967 ke tripartite executive agreement ke mutabiq settle kiya gaya hai, jis me Iran, Turkey aur Pakistan ke Governments ne apne nominee directors SPL ke board mein select kiye hain.

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