Blind eyes investors are investing money in hollow company
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There is no action taken against the Company’s Directors by the PSX or the Securities and Exchange Companies Limited (SECP), the source in PSX said.
KARACHI: Once again, The Media Times Ltd, is on the top rank of trading screen, despite knowing that the owners of this company are defaulters of millions of rupee of their employees or the market. The Pakistan Stock Exchange (PSX), once again, allowed a fake company’s trading at PSX counter.
After almost three years, the PSX removed Media Times Ltd from its defaulters list. There is only name of Media Times, which is listed in the Pakistan Stock Market but on the other side its newspapers and TV Channels are still closed. There is no name of B Plus, Zaiqa on cable TVs, while Daily Times and Aaj Kal newspapers became dummy newspaper of Lahore.
“The Management of the PSX did not investigate the case except sending letter to the company’s directors. On which, the company replied that they are working properly,” a source in the PSX said here on Thursday. They sent some dummy newspapers and some YouTube’s clips to the PSX management, he added.
No action was taken against the Company’s Directors by the PSX or the Securities and Exchange Companies Limited (SECP) in last three year, the source in PSX said.
According to the PSX’s statement about three years ago, Pakistan Stock Exchange (PSX) had placed Media Times Limited in the defaulters’ list as it failed to comply the regulatory responsibility.
The PSX placed companies in the defaulters’ list including Media Times Limited (MDTL), First Capital Securities Corporation Limited (FCSC) and Pace Pakistan Limited (PACE). All the companies were owned by one owner Shehryar Taseer son of Salmaan Taseer (late).
The three companies belonged to former governor Punjab (late) Salmaan Taseer and now his family including wife, sons and other family member are running their operations from Lahore based head office.
Since 2015, the MDTL never gives real picture of its business to the management of PSX. The stock market investors are continuously investing in this company with their blind eyes.
According to the company’s inside sources, the company had shut down its two TV Channels in 2017-18 while it had closed its one Urdu newspaper ‘AajKal’ in 2010 after the resignation of its Editor Najam Sethi. There is no information at PSX’s portal regarding closure of its TV Channels and the newspapers. Only one newspaper ‘Daily Times’ is being run on its website. The company had closed its printing operations from Karachi and Islamabad in 2017, the report added.
“Why the SECP and PSX are silent over it and why they are not taking action against this company, which has nothing to trade but only name,” one of the brokers said.
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