ISLAMABAD: Raja Ali Ejaz, Pakistan’s Permanent Representative to the Organization of Islamic Cooperation, called on the Secretary General of the OIC, Dr. Yousef bin Ahmed Al-Othaimeen, on Wednesday in Jeddah and handed over a letter from the Pakistani foreign minister.
The Ambassador briefed Al-Othaimeen on the ground situation in Indian-administered Kashmir which has been under lockdown since August 5 when the Indian government revoked the Muslim majority region’s special status and autonomy.
The Secretary General reiterated the OIC’s principled position on the issue of Jammu and Kashmir and assured of his full support to Pakistan and the Kashmiris.
“Ambassador thanked the Secretary General for the OIC’s strong support and appropriately highlighting the issue of Jammu and Kashmir,” said a statement from Ejaz’s office.
On August 5, India’s Hindu nationalist-led government revoked the special constitutional status of Jammu and Kashmir, the most far-reaching move on the disputed Himalayan region in nearly seven decades. There has been a communications blackout and curfew in the region since.
Pakistan’s permanent OIC rep hands over FM’s letter on Kashmir to OIC chief
Pakistan’s permanent OIC rep hands over FM’s letter on Kashmir to OIC chief
- Briefs OIC secretary general on latest developments in Indian-administered Kashmir
- On August 5, India revoked the special constitutional status of Jammu and Kashmir
Pakistan regulator amends law to facilitate capital raising by listed companies
- The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
- Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,
The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.
This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.
“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.
The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.
The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.
“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.
“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”
The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.
