ISLAMABAD: The crescent for the month of Shawwal was sighted in Pakistan on Sunday and consequently, Eid Al-Fitr will be celebrated on Monday, March 31, the Central Ruet-e-Hilal Committee announced.
The three-day Eid Al-Fitr festival starts on the first day of the month of Shawwal in the Islamic lunar calendar. The festival marks the end of the holy fasting month of Ramadan.
The Central Ruet-e-Hilal Committee, the country’s apex moon-sighting body, met in Islamabad under the chairmanship of Maulana Abdul Khabir Azad for the sighting of the Shawwal crescent.
“[We] received testimonies of the sighting of the Shawwal moon from various areas of Pakistan today, which include Lahore, Bahawalpur, Islamabad, Sheikhupura, Kasur and other areas,” Maulana Azad announced at a press conference.
“Hence, it was decided with consensus that the first of Shawwal will be on March 31, Monday.”
Pakistan’s government this week announced a three-day holiday from Mar. 31 till Apr. 2 on account of the Muslim festival of Eid Al-Fitr.
The Shawwal moon was sighted in Saudi Arabia on Saturday, marking the end of the month of Ramadan. Eid Al-Fitr is being celebrated in the Kingdom, United Arab Emirates and other Middle Eastern countries today.
Shawwal crescent sighted, Pakistan to mark Eid Al-Fitr today
https://arab.news/9sn9j
Shawwal crescent sighted, Pakistan to mark Eid Al-Fitr today
- Eid Al-Fitr begins on the first day of the month of Shawwal in the Islamic lunar calendar
- It is one of two major Muslim festivals that marks end of holy fasting month of Ramadan
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.
