Rs4bil penalties slapped on B4U Group for defrauding people, SECP says

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has Saturday concluded adjudication proceedings against B4U Group and its sponsors for raising illegal deposits from the public and operating pyramid schemes, in violation of the Companies Act, 2017, ARY News reported citing regulator statement.

The B4U Group comprises 18 companies incorporated under the Act, as well as 05 unincorporated business setups.

The company regulator said that after completing the due process of law it has disqualified the sponsors of B4U Group from becoming a director of any company for a period of 5 years. Additionally, it has also imposed a penalty of Rs100 million on each of its sponsors.

SECP has granted sanction for winding up of all 18 companies of B4U Group and imposed a penalty of Rs200 million on each company.

The aggregate penalties amounting to Rs4 billion have been imposed on B4U Group.

Moreover, said SECP, the group sponsors shall not be allowed to incorporate any new company under the Act.

All the 18 companies were registered during the last two years. The main sponsor of B4U Group is Mr. Saif-ur-Rehman, along with his immediate family members.

The post Rs4bil penalties slapped on B4U Group for defrauding people, SECP says appeared first on ARY NEWS.



from Business – ARY NEWS https://ift.tt/3qpyqOA

Comments

Post a Comment

Popular posts from this blog

74% of improvement works completed in three stations of Dubai Metro Red Line

Image
The Roads and Transport Authority (RTA) has completed 74% of a project to improve the entry points of three stations on the Dubai Metro Red Line namely the Dubai Internet City Station, Dubai Marina Station and the UAE Exchange Station. The selection of these stations was based on several criteria including the ridership, the number of users from People of Determination, the population density of the area, the geographical distribution of the surrounding areas, and the number of intermodal mobility journeys. The project aims to increase the capacity of stations to improve customers experience and improve the entry/exit points of stations to cater to the requirements of supply and demand in the area. The project will also contribute to transforming Dubai into a friendly city for people of determination and enhancing the connectivity with the metro stations. These improvements, which are funded by partners, will augment RTA’s revenues by creating additional space for commercial use. T
Read more

KE issues clarification on power tariff hike request

KARACHI: Karachi-Electric (KE) has clarified that it has requested the NEPRA for a tariff hike, which will have Rs0.49/kWh average impact of Fuel Cost Adjustment (FCA) of 6 months.  The KE spokesperson further clarifies, “the request made to NEPRA is in line with the mechanism given in KE’s Multi-Year Tariff whereby changes in fuel prices, generation and power purchase mix are passed through to customers along with certain annual adjustments.” “The major impact in monthly Fuel Cost Adjustment is due to increase in global prices of furnace oil, and RLNG. In line with KE’s request, NEPRA has scheduled a public hearing to allow Monthly Fuel Cost Adjustments (FCA) for the months of January 2021 to June 2021, and Quarterly power tariff variation for March 2021. Subject to the NEPRA Authority’s approval, the actual overall average impact of requests will be only PKR 0.49/kWh,” the spokesperson further added. The KE Spokesperson further adds, “similarly, the quarterly tariff variations inc
Read more

Govt committed to build strategic reserves of essential commodities: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has presided over the meeting of the National Price Monitoring Committee (NPMC) held at the Finance Division, ARY News reported on Monday. Secretary Finance briefed the meeting about the slight uptick in weekly SPI, which increased by 0.03 per cent during the week under review. Prices of 06 items witnessed a decline and 22 remained stable. The committee also reviewed the monthly inflation trend and noted that the CPI, which is 8.4% for July 2021 has declined by 1.3% as compared to the last month i.e. 9.7% in June 2021. The National Price Monitoring Committee also reviewed the prices of wheat, sugar, pulses, chicken and other essential food items in the country. The Secretary Ministry of National Food Security and Research updated the committee about the wheat procurement process and apprised that an order for the purchase of 220,000 tons of wheat has already been placed. While taking stock of the situation, the NPMC
Read more