On Tuesday, Securities and Exchange Commission of Pakistan (SECP) mentioned that the companies must pay the dividends to the shareholders. According to the section 242, companies must pay the dividends within the specified time and manner.
SECP also allow mention that companies allow one-time relaxation due to some difficulties faced by the companies. According to the second provision of Section 242, the companies must paid the dividends through shareholders specified bank accounts.
Previously the company also paid a cash dividend to the shareholders that used til October 31, 2017. The circular said:
Accordingly, the commission has decided to grant one-time relaxation to all listed companies from the requirement of payment of cash dividend through electronic mode directly into the bank accounts of the shareholders till October 31, 2017.
SECP has issued orders to the companies regarding the electronic dividend mandate. The companies must approach their shareholders to specify the bank account or other electronic transfer mode details.
SECP also issued the notice to the companies, they must approach their shareholders specify bank accounts or other electronic transfers details. The payments of dividends shall only via electronic mode till November 01, 2017.
The dividend payments shall only be made via electronic mode with effect from November 01, 2017.