Karachi: The Securities & Exchange Commission of Pakistan (SECP) has imposed a penalty on Dadabhoy Construction Technology Limited for failing to comply with mandatory filing obligations for the years 2020 to 2022. This decision was made public through an order under Section 230 read with Section 479 of the Companies Act, 2017.

The proceedings, identified as CASE No. AOK-277/2024, outlined the company’s non-compliance with Section 130(3) of the Companies Act. According to the Act, companies are required to file their annual returns within thirty days following their Annual General Meeting, or by the last day of the calendar year if no meeting is held or concluded. The company registration office in Karachi referred the case to the SECP, highlighting the company’s failure to file its annual returns over the specified period.

Despite multiple opportunities to respond, including a Show Cause Notice issued on January 9, 2024, and subsequent reminders dated January 24, 2024, and March 15, 2024, the company failed to present itself for a hearing or submit any written response. This led the adjudicating officer to impose a Rs. 75,000 penalty on the company for the specified years.

The SECP order mandates the management of Dadabhoy Construction Technology Limited to deposit the penalty within 30 days and to submit the overdue annual returns within the same timeframe. The payment is to be made at any designated branches of MCB Bank Limited or UBL Bank, with the original receipted challan to be furnished as proof.

According to information available from the Pakistan Stock Exchange (PSX), Dadabhoy Construction Technology Limited’s lack of response demonstrates a disregard for compliance with legal obligations. The adjudicating officer noted the company’s disappointing attitude towards adherence to laws, rules, and regulations, which necessitated an ex-parte decision.

The SECP’s order also stipulates that a copy of the order be added to the company’s records for future reference, with further actions to be taken by the concerned registrar as needed. The case underscores the importance of compliance with statutory requirements by companies listed within the designated market category.