Karachi: A recent order by the Securities Exchange Commission of Pakistan (SECP) has exonerated Muhammad Tariq Moti Securities (Private) Limited from allegations of failing to file its annual returns for the year 2022. The proceedings, which were initiated under Section 130 of the Companies Act, 2017, have been officially closed following the adjudicating officer’s decision.

The case, registered as AOK-740/2024, was initiated after the company registration office in Karachi reported that Muhammad Tariq Moti Securities did not submit its annual returns within the required timeframe. According to the Companies Act, firms are mandated to file returns within thirty days following their Annual General Meeting or by the end of the calendar year if no meeting is concluded.

In response to a show cause notice issued on January 9, 2024, the company failed to attend a personal hearing but provided a written defense via email. The correspondence, sent by the company’s CEO, Muhammad Tariq Moti, on January 15, 2024, asserted that the annual returns for 2022 had been filed within the stipulated period. The email included evidence of the filing, which was subsequently verified by the relevant registrar.

According to information available from the Pakistan Stock Exchange (PSX), the adjudicating officer, after reviewing the submitted documents and corroborating the company’s claims, decided to drop the proceedings. The officer concluded that the case was not suitable for further legal action under the specified sections of the Companies Act, 2017.

The SECP has instructed that a copy of this order be archived in the company’s records for future reference. Additionally, the registrar responsible for the matter is advised to amend and update the company’s records accordingly. The resolution of this case reinforces the adherence to regulatory compliance within the designated market category of the financial sector.