Karachi August 12 2021: AGL management has issued show cause notice to Mr. Haq Nawaz Chatta for trading in shares of Company without intimation to the Company Secretary, as per notice issued at Pakistan Stock Exchange (PSX).
The gain has been submitted before the Security and Exchange Commission of Pakistan
Hafiz Mudassar Hassan Kamran,
Company Secretory
Company’s Board of Directors meeting was held on July 27 2021 to discuss matter regarding disclosure of Interest by a Director CEO, or Executive of a listed company and their Spouses and the Substantial Shareholders as per PSX Regulations.
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Company Secretory informed that subsequent to the board meeting dated April 30, 2021 wherein this issue was highlighted for the first time, following steps have been taken by the Company to lawfully close the matter in line with the directions of board:
- A legal opinion was sought by the Company.
- Company issued a show cause notice to Mr. Haq Nawaz Chatta for trading in shares of Company without intimation to the Company Secretary.
- Company also issued general advisory in the company to guide employees for trading in Company Shares.
- Corporate department replied to Pakistan Stock Exchange (PSX) and intimated them regarding steps taken by the Company in addition to submission of forms as required under correspondence manual of PSX.
- Company deposited gain before SECP through form 7 as required in Securities Act 2015.
- Company has also updated list of Executives on PSX portal as directed by the Board.
The transaction was not in the ‘closed period’ and the individual is Unit Manager in Urea factory and was not aware with his name being in the list of Executives submitted to PSX in the past
Muhammad Faisal Muzammil,
Chief Executive Officer
The Board showed its satisfaction on the compliance of applicable rules and advised the management to educate the staff/employees on continuous basis.
