The Enforcement
Department monitors compliance of listed companies with applicable
laws, rules and regulations. In doing so, the Department ensures
timely holding of annual general meetings and circulation of annual
and interim accounts to the shareholders, provision of adequate
information by companies in the notices to the shareholders. The
department ensures that full disclosures are made by companies in
accordance with the International Accounting Standards and Companies
Ordinance, 1984 and monitoring compliance with Code of Corporate
Governance to minimize corporate abuse. The department initiates
and finalizes legal actions for various defaults under Ordinance
and Rules and where required investigate into the affairs of the
companies making misrepresentations in financial statements, continuous
deprivation of reasonable return to the shareholders and violation
of statutory provisions of the Ordinance. The examination of the
schemes of arrangements with regard to mergers and review of swap
ratio calculation is also under the purview of the department. Further,
applications regarding issuance of Preference shares, shares otherwise
than right and shares issued on discount are also dealt by the department.
The department strives to facilitate the other departments of the
Commission and the corporate sector while safeguarding the interest
of shareholders.
The Department is divided into three Wings and each
wing is assigned the task of monitoring of listed companies in the
corporate sector. Following are the brief details of each of these
Wings:
Enforcement-I Wing
Regulating the affairs of the Companies in the
Sectors of Electric, Glass, Engineering, Oil and Gas, Leather, Commercial
Banks, Textile, Vanaspati Ghee Industry. Investor complaints relating
to listed Companies administered by Enforcement Department is also
dealt by this Wing.
In addition, Financial Investigation Unit working
under the supervision of head of Enforcement Wing II is a frontline
detection investigation and prosecution unit, targeting corporate
crimes falling within the functional jurisdiction of the Commission.
Enforcement-II Wing
Monitoring the affairs of the Companies in the
Sectors of Paper, Food, Cement, Jute,Pharmaceutical, Textile, Technology
and Communication Industry.
Enforcement-III Wing
Monitoring the affairs of the Companies in the
Sectors of Automobile, Chemical, Fertilizer, Sugar, Textile, Banks
and Cement Industry. Further matters related to issuance of Preference
shares, shares otherwise than right and shares issued on discount
are also dealt by this Wing.
|
