ISLAMABAD: Pakistan President Asif Ali Zardari has granted a 90-day remission to prisoners under specific categories in order to provide relief to inmates on the occasion of the 78th Independence Day of Pakistan, state media reported on Monday.
Pakistan celebrates its Independence Day every year on August 14. The remission will apply to male prisoners of 65 years and above and female inmates above 60 years, who have served one-third of their term.
It will also be applicable to female prisoners serving their sentences with their children as well as inmates under the age of 18 years, the state-run Radio Pakistan broadcaster reported.
“The President granted the remission of the sentence under Article 45 of the Constitution of Pakistan,” the report read.
Article 45 empowers the president to “grant pardon, reprieve and respite, and to remit, suspend or commute any sentence passed by any court, tribunal or other authority.”
The remission will not be applicable to prisoners involved in “anti-state activities, espionage, murder, rape, theft, robbery, kidnapping and terrorism,” according to the report.
“Those involved in financial crimes, causing loss to the national exchequer, and convicted under the Foreigners Act 1946, and Narcotics Control (Amendment) Act 2022 will also be ineligible to get this remission,” it read.
Pakistani leaders have often announced reduction in sentences of prisoners on religious occasions and days of national significance.
In March, President Zardari approved a special remission for prisoners on the occasion of Pakistan Day and Eid Al-Fitr. In 2022, Prime Minister Shehbaz Sharif had approved a two-month reduction in prisoner terms on account of Eid Al-Fitr.
Pakistan president grants remission in sentences to prisoners for 78th Independence Day
https://arab.news/43qv5
Pakistan president grants remission in sentences to prisoners for 78th Independence Day
- The remission was granted under Article 45 of the constitution
- Prisoners convicted of serious crimes won’t be benefitted by it
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.
