Latest news with #AbdulRashidSheikh
Business Recorder
29-05-2025
- Business
- Business Recorder
Misleading advertisements: CCP imposes Rs150m penalty on housing society
ISLAMABAD: In a significant move to curb deceptive marketing practices, the Competition Commission of Pakistan (CCP) has imposed a penalty of Rs150 million on Kingdom Valley (Pvt) Limited for misleading advertisements concerning its housing project. Acting on a suo motu notice, CCP's Office of Fair Trade initiated an investigation and found that the company: 1- Falsely advertised its project as 'Kingdom Valley Islamabad', despite it being located in Mouza Choora, Tehsil & District Rawalpindi; 2- Misrepresented affiliations with the Naya Pakistan Housing Program (NPHP) and Naya Pakistan Housing and Development Authority (NAPHDA); 3- Publicized the project as 'NOC Approved' without accurate or complete disclosure regarding its approval status. The Commission bench, comprising Saeed Ahmed Nawaz and Abdul Rashid Sheikh, concluded that the company had violated Sections 10(2)(a) and 10(2)(b) of the Competition Act, 2010, which prohibit dissemination of false or misleading information to consumers. Consequently, Rs75 million was levied for each violation, amounting to a total fine of Rs150 million. In addition, the Commission noted serious non-compliance, including the company's failure to submit audited financial statements and non-compliance with CCP's directives. The company has also not filed financials with the SECP for several years, raising concerns about its governance and transparency. The CCP reiterates its commitment to protecting consumers from deceptive marketing practices and ensuring fair competition in the housing and real estate sector. Consumers and stakeholders are encouraged to report deceptive advertisements or anti-competitive behaviour to CCP via WhatsApp at 0304-0875255 or email at [email protected]. Copyright Business Recorder, 2025
Business Recorder
28-05-2025
- Business
- Business Recorder
CCP fines Kingdom Valley (Pvt.) Limited Rs150mn for ‘misleading advertising'
In order to curb deceptive marketing practices, the Competition Commission of Pakistan (CCP) has imposed a penalty of Rs150 million on Kingdom Valley (Pvt.) Limited, CCP said in a statement on Wednesday. The company has been penalised for 'misleading advertisements' concerning its housing project. In its statement, the CCP said its office of Fair Trade initiated an investigation as per a suo motu notice and found that Kingdom Valley (Pvt.) Limited falsely advertised its project as 'Kingdom Valley Islamabad', despite it being located in Mouza Choora, Tehsil & District Rawalpindi. The CCP also found that the company misrepresented affiliations with the Naya Pakistan Housing Program (NPHP) and Naya Pakistan Housing and Development Authority (NAPHDA) and publicized the project as 'NOC Approved' without accurate or complete disclosure regarding its approval status. 'The Commission bench, comprising Saeed Ahmed Nawaz and Abdul Rashid Sheikh, concluded that the company had violated Sections 10(2)(a) and 10(2)(b) of the Competition Act, 2010, which prohibit dissemination of false or misleading information to consumers. Consequently, Rs. 75 million was levied for each violation, amounting to a total fine of Rs. 150 million,' the CCP said. The commission also noted serious non-compliance, including the company's failure to submit audited financial statements and non-compliance with CCP's directives. The company has also not filed financials with the SECP for several years, raising concerns about its governance and transparency, added the statement. 'The CCP reiterates its commitment to protecting consumers from deceptive marketing practices and ensuring fair competition in the housing and real estate sector.'
Indian Express
15-05-2025
- Politics
- Indian Express
MP Engineer Rashid seeks bail, challenges framing of charges at Delhi HC
The Delhi High Court on Thursday sought a response from the National Investigation Agency (NIA) in a plea by Jammu and Kashmir MP Abdul Rashid Sheikh alias Engineer Rashid, appealing against a trial court's order refusing him bail. A special NIA trial court in Delhi had denied Rashid, an MP from Baramulla, regular bail on March 21. A division bench of Justices Subramonium Prasad and Harish Vaidyanathan Shankar issued notice to NIA and kept the matter next for July 29. In another plea, Rashid challenged before the Delhi High Court the framing of charges against him in the NIA case. However, the plea was filed with a delay of around three years (1,104 days). The bench also issued notice on an application seeking condonation of the delay. Briefly taken up by the bench, senior advocate Siddharth Luthra, appearing for the NIA, opposed the condonation of delay, submitting that delay beyond 90 days cannot be condoned. On the other hand, Rashid's counsel argued that the limitation of 90 days is not sacrosanct, especially in matters of life and liberty. The bench kept the plea next for consideration on July 29. Rashid, who defeated Jammu and Kashmir Chief Minister Omar Abdullah in the Baramulla seat by over 2 lakh votes in the 2024 Lok Sabha polls, has been lodged in Delhi's Tihar Jail since 2019 in a case of alleged terror funding. Rashid was arrested in 2019 under the Unlawful Activities (Prevention) Act. According to the NIA, he used various public platforms to 'propagate the ideology of separatism and secessionism', was closely associated with various terrorist organisations, and wanted to 'legitimise' the United Jihad Council, a platform of anti-India militant groups in Jammu and Kashmir. On May 30, 2017, the NIA registered a case against Lashkar-e-Taiba founder Hafiz Saeed and other 'secessionist and separatist' leaders who, according to the NIA, 'received and collected' funds through hawala channels in 'connivance with active militants of…terrorist organizations Hizb-ul-Mujahideen, Dukhtaran-e-Millat, Lashkar-e-Taiba' to fund 'terrorist activities' in Jammu and Kashmir. Rashid was booked as part of this case.
