Karachi: The Securities & Exchange Commission of Pakistan (SECP) has concluded proceedings concerning Tri-Star Investments Limited, absolving the company of allegations related to non-compliance with annual return filing regulations. The case, referenced under Case No. AOK-1089/2024, was initiated following a referral from the Company Registration Office (CRO) in Karachi, which claimed that Tri-Star Investments failed to file its annual returns for the years 2020 to 2072.
The allegations stemmed from a perceived violation of Section 130(3) of the Companies Act, 2017, which mandates companies to submit their annual returns within a stipulated timeframe. This non-compliance was said to render Tri-Star Investments liable to a penalty under Section 130(6)(b) read with Section 479(2) of the Act.
In response to the Show Cause Notice dated January 9, 2024, Tri-Star Investments’ legal representative, Mr. Jawed Hussain, submitted an email on January 30, 2024. The communication included evidence demonstrating that the company had indeed filed its annual returns for the years 2020 to 2022 within the prescribed period. The attached acknowledgments were verified by the concerned registrar, substantiating the company’s compliance.
On reviewing the evidence, the SECP adjudicating officer determined that the proceedings were unfounded and not suitable for adjudication under the specified sections of the Act. Consequently, the SECP decided to drop the case, restoring Tri-Star Investments’ standing without penalties.
The SECP’s decision marks the closure of this matter, with instructions to update the company’s official records accordingly. Tri-Star Investments, categorized under the designated market category, can now proceed without the burden of the allegations.
According to information available from the Pakistan Stock Exchange (PSX), the resolution of this case is likely to have a minor move on the company’s market perception, as the allegations were rooted in procedural discrepancies rather than financial misconduct.