Karachi: Security Papers Limited (SPL) has been officially classified as a Public Sector Company (PSC) by the Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP), according to a recent order. This decision follows SPL’s appeal against a previous determination by the SECP, which initially classified the company as a PSC in January 2024. The Appellate Bench Order, dated February 7, 2025, was communicated to SPL on February 10, 2025.
The classification of Security Papers Limited as a PSC is based on the shareholding of certain entities, as outlined in the SECP’s order. SPL has expressed its disagreement with the classification and maintains that it does not meet the PSC criteria under the Companies Act, 2017. The company is considering further legal options to challenge the decision in a competent court of law.
According to information available from the Pakistan Stock Exchange (PSX), Security Papers Limited has been transparent in its communications with stakeholders, adhering to Section 96(2) of the Securities Act, 2015, and Clause 5.6.2 of PSX Regulations. The company had previously disclosed the SECP’s initial determination on January 31, 2024, and has now informed its members, shareholders, and other stakeholders of the latest Appellate Bench Order.
Security Papers Limited, headquartered at Jinnah Avenue, Malir Halt, Karachi, remains committed to transparency and compliance with regulatory requirements. The company’s legal counsel, Yasir Ali Quraishi, is the designated contact for further inquiries, and stakeholders are encouraged to reach out via telephone or email for more information.
As the situation develops, the market category for Security Papers Limited remains under scrutiny, with potential implications for its operations and governance. The company is poised to take necessary actions in response to the Appellate Bench’s decision, with a focus on safeguarding its interests and those of its stakeholders.