Briefs

SBP nod must for listed shares buyback

By our correspondent  

KARACHI: The banks are bound to obtain prior written permission from the central bank before undertaking any arrangement pertaining to the buyback of own shares, State Bank of Pakistan (SBP) said on Thursday. 

“Any deviation or non-compliance of the above instructions shall attract punitive action under the relevant legal provisions,” the SBP said in a notification.  According to the notification, the listed companies under SECP’s Listed Companies (Buyback of shares) Regulations 2016 are permitted to purchase their own shares subject to certain terms/ conditions. 

“The share so purchased can either result in cancellation of paid up capital of the company or be held as ‘Treasury Shares’,” the central bank added.  It further said the commercial/microfinance banks and development financial institutions (DFIs) being the custodian of depositors’ money and key financial intermediaries play an imperative role in the economy. 

“Therefore, the central bank has a comprehensive legal and regulatory framework, including capital related requirements for such institutions, in order to ensure soundness and stability of the financial system,” the notification said.

Construction firms to hire internees

By our correspondent

LAHORE: The federal government has decided that construction companies will now hire services of internee engineers instead of supervisory engineers to ease the financial burden which they faced because of Pakistan Engineering Council’s (PEC) revised guidelines, a statement said on Thursday.

The Constructors Association of Pakistan (CAP) in its statement said the new PEC guidelines, implemented for both fresh and renewed constructor licences from January 1, 2017, had created problems for the constructors.

A delegation of CAP, headed by chairman Sikandar Hayyat Khattak had raised the issue in a meeting with the federal secretary science and technology Fazal Abbas Maken the other day, where PEC was represented by Ameer Zameer.

Ameer informed that the Standing Committee on Science and Technology had changed the condition, and now it would be mandatory for the construction companies to hire internee engineers. 

Tayabani elected KTBA president

By our correspondent

KARACHI: The Karachi Tax Bar Association (KTBA) has elected Abdul Aziz Tayabani as president for the term 2017/18. In the 60th annual general meeting held on Thursday, the KTBA elected office-bearers and members of the executive committee for the next term.

Other elected office-bearers included Asif Haroon, vice president; Muhammad Zeeshan Merchant, general secretary; Arshad Ali Siddiqui, joint secretary; and Asim Rizwani Sheikh, librarian.

The executive committee members included Amanat Ali, Ammar Athar Saeed, Arshad Siraj, Haider Ali Patel, Irfan Ghafoor, Khalid Mahmood, Muhammad Imtiazuddin Zubairi and Muhammad Mustafa Rahim.