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SECP issues advisory on outbreak of deadly Coronavirus

Syed Umarullah HussainiWeb Editor

12th Mar, 2020. 12:28 pm
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The Securities and Exchange Commission of Pakistan S E C P  advised all companies to modify their usual planning for annual general meetings in light of threat posed by the evolving COVID-19 situation to protect the well-being of shareholders.

The advisory comes after one more case of coronavirus confirmed in the country taking the nationwide toll to 20.

The SECP also suggested holding meeting of the board of directors via tele/video conferencing.

S E C P Advisory

S E C P has recommended all companies to consider and evaluate the risks in the present situation.

In order to avoid large gathering at one place, the companies should consider provision of video link facilities at different locations considering the geographical dispersal of its members.

The companies should consider basic protective measures during the meeting, including facility of cleaning hand with sanitizers or soap and water.

Moreover, for safety of members seating arrangement should made at an appropriate distance, the SECP said.

It also suggested considering postal ballot for voting by the chairman of the meeting or by the members present in person or through video-link or by proxy having not less than one-tenth of the total voting power by demanding poll for resolutions.

This was a safer option in the current situation.

“The members of a private company or a public unlisted company (having not more than 50 members), may pass a resolution (ordinary or special) by circulation signed by all the members for the time being entitled to receive notice of a meeting, except for the ordinary businesses specified under sub-section (2) of section 134 of the Companies Act, 2017 to be conducted in the annual general meeting.”

IG Sindh Issues Alert

It is to remember that Inspector General Sindh Mushtaq Mahar in wake of possible spread of an epidemic coronavirus has issued an alert for police staff.

IG has directed all the police personnel to adopt precautions for the disease.

As per the instructions the policemen should use mask and keep at a distance of three feet from your colleagues during the duty.

They instructed to keep yourself clean at the public venues and avoid hand shake and embracing each other.

Global Cases

Globally, the virus has killed more than 4,500 people and infected over 124,000.

The number of confirmed cases of novel coronavirus ‘COVID-19’ infections in Pakistan risen to 20 after Gilgit-Baltistan reported its second patient on Wednesday.

Karachi the worst affected city so far, with 15 of the total confirmed cases. Of the remaining, two cases reported in Gilgit-Baltistan and one case reported each in Islamabad, Hyderabad and Quetta.

Quetta’s first coronavirus case is out of danger and undergoing treatment, reported Geo News on Thursday.

According to Dr Sadiq Baloch, the patient, a 12-year-old, is tested every 24 hours.

The boy had travelled to Taftan with his parents. The parents also screened and reported to test negative for the virus.

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