ISLAMABAD (APP) – The Securities and Exchange Commission of Pakistan (SECP) has appointed an administrator of Unicap Modaraba in place of its management company, i.e. Map Out Modaraba Management Company (Pvt.) Limited.
The SECP had noted that the Unicap Modaraba affairs were not being managed in accordance with sound business principles and prudent commercial practices, which was prejudicial to the stakeholders’ interests.
According to a statement issued by SECP here on Wednesday, Map Out was non-compliant with the mandatory condition of injection of funds in Unicap Modaraba imposed by the SECP at the time of transfer of the management rights of Unicap Modaraba to it in November, 2014.
Despite getting a number of extensions by the SEC to inject the requisite funds into Unicap Modaraba.
This was contrary to its earlier commitments. In addition, Map Out also failed to comply with various other regulatory requirements, including non-transmission of quarterly accounts since takeover of Unicap Modaraba and non-deposit of shares and modaraba certificates with the Central Depository Company.
After taking over the charge of the affairs of Unicap Modaraba, the administrator will submit his recommendations with regard to the assets and liabilities of the modaraba and further course of action in this matter as per the modaraba regulatory framework. Since the administrator has been appointed, the SECP advises the general public and other stakeholders not to deal with the Map Out in matters pertaining to the affairs of Unicap Modaraba.