Media Times Ltd shuts down its two TV Channels & Urdu newspaper, still active in PSX
Since 2015, the MDTL never gave real picture of its business to the PSX. The investors are continuously investing in this company with their blind eyes
KARACHI: The Media Times Limited (MDTL), which had totally shut down its two TV Channels and one Urdu Newspaper, is still active at ‘PSX’s Trading Hall’ and sometime its share trading volumes touches all times high.
Since 2015, the MDTL never gives real picture of its business to the Pakistan Stock Exchange (PSX). The investors are continuously investing in this company with their blind eyes.
About 30 days ago, when PSX including its Managing Director (MD) Farrukh H. Khan was informed about this fraud, the officials of PSX conducted an internal/official inquiry against the company. The Management of Media Times Ltd once again denied and gave wrong statement to PSX that their channels and newspapers are functioning in Pakistan according to law.
There is no further action against the Company’s Directors by PSX and Securities and Exchange Companies Limited (SECP). Local investors are being deceived at PSX as the Media Times Ltd had already defaulted but the owners of the company are still getting benefits from PSX.
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 newspaper. Only one newspaper ‘Daily Times’ is being run on its website. The company had closed its printing operations from Karachi and Islamabad in 2017.
“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 analysts said. Yesterday, its trading volume is around 159,500 at PSX with price range of Rs 1.30 – Rs 1.40, he added. In Last one year, its price had gone up from Rs 0.77 to Rs 1.40.
The company had also sold its property (where this Daily Times and B-Plus offices were located) to a bank to rid-off loans worth millions of rupee and according to MDTL’s sources, the company is paying installments worth millions of rupee to pay-off its loans.
To get salaries and other receivables, over dozens of cases of its employees are pending before the courts in Karachi, Lahore and Islamabad.
Former governor Punjab Salmaan Taseer, who was considered a ‘king of businesses’, was the owner and got registered Media Times Limited with the SECP. It was incorporated in Pakistan on June 26, 2001, as a Private Limited Company Under Companies Act.
Later it was converted into Public Limited Company on March 06 2007. The Company was engaged in printing and publishing daily English and Urdu newspapers by the name of “Daily Times” and “AajKal” respectively. The Company is also operating satellite channels by the name of “Business Plus” and “Zaiqa” respectively.
After killing of Salmaan Taseer in an attack by his owned guard in Lahore, the companies were shifted to his family. Amna Taseer wife of Salmaan Taseer had been given responsibility of chairperson of this group, while her son Shehryar Taseer was become the CEO of the Media Times Limited.
Most of its Directors are their family members like brothers, sisters, aunty and uncle etc.
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