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Yahoo
28-05-2025
- Business
- Yahoo
Regulators Collaborate with HKCGI at ACRU 2025 to Promote Governance for Growth
The Hong Kong Chartered Governance Institute will host its flagship annual conference on 6 June 2025, delivering key regulatory updates and fostering meaningful professional dialogues to help governance professionals to navigate today's changing business environment. HONG KONG, May 28, 2025 /PRNewswire/ -- The Hong Kong Chartered Governance Institute (HKCGI) is gearing up to host its 26th Annual Corporate and Regulatory Update (ACRU) conference on Friday, 6 June 2025, at the Hong Kong Convention and Exhibition Centre. This flagship event, a must-attend for governance professionals, directors, senior executives, and practitioners, provides the latest insights on regulatory changes, compliance requirements, and enforcement practices. For 26 years, ACRU has served as a valuable forum for exploring regulatory trends and best practices. The conference attracted over 2,200 in-person and online participants in 2024, and this year, it has already surpassed that number, reiterating the demand for forums like ACRU. Guided by HKCGI's 2025 theme of 'Governance for Growth', ACRU improves attendees' capacity building, equipping them with practical knowledge for tackling emerging governance challenges. With registration open until 30 May, attendees still have the opportunity to enrol for the conference and join this growing community. This year's programme will feature six major government authorities and regulators sharing updates on pertinent topics, including listing rules, digital securities, and compliance and enforcement developments. Sessions will address the ongoing changes in capital markets and governance practices, covering topical areas including technology solutions for corporate verification, disclosure requirements, upcoming Companies Ordinance amendments, and more. "ACRU has become central to our professional development calendar, creating a trusted space where government authorities, regulators and practitioners can exchange actionable insights," said Mr David Simmonds FCG HKFCG, President of HKCGI. "Understanding regulatory expectations is now a business necessity. We welcome both returning speakers and new voices—notably the Digital Policy Office—as we work towards growth through sound governance." Ms Ellie Pang FCG HKFCG(PE), Chief Executive of HKCGI, added, "ACRU gives those working in the governance role and other professionals the tools to adapt with confidence. By bringing together regulators, policymakers, and industry leaders, we're developing governance approaches that create genuine opportunities—this is what 'Governance for Growth' means in practice." HKCGI extends its gratitude to all speakers, chairs, sponsors, and supporting organisations for their support in making ACRU 2025 possible. Visit ACRU's website for more information about the event, and to register for this forum shaping the future of governance in Hong Kong. For Media Inquiries: HKCGI Marketing Department+852 2881 6177marketing@ About The Hong Kong Chartered Governance Institute (Incorporated in Hong Kong with limited liability by guarantee) The Hong Kong Chartered Governance Institute (HKCGI) is the sole accrediting body in Hong Kong and the Chinese mainland for the globally recognised Chartered Secretary and Chartered Governance Professional qualifications. Formerly known as The Hong Kong Institute of Chartered Secretaries (HKICS), HKCGI is the Hong Kong/China Division of The Chartered Governance Institute (CGI). With a legacy of over 75 years, HKCGI has established itself as a trusted and reputable professional body in the region. Its influence extends to CGI's global network of around 40,000 members and students, making it one of its fastest-growing divisions. HKCGI's community comprises about 10,000 members, graduates, and students, with significant representation in listed companies and diverse governance roles across various industries. Guided by the belief that governance leads to better decision-making and a better world, HKCGI is committed to advancing governance in commerce, industry, and public affairs. It achieves this through education, thought leadership, advocacy, and active engagement with its members and the broader community. As a recognised thought leader, HKCGI promotes the highest standards of governance while advocating for an inclusive approach that considers the interests of all stakeholders, and ensures that every voice is heard and valued. Better Governance. Better more information, please visit View original content to download multimedia: SOURCE The Hong Kong Chartered Governance Institute
Business Recorder
24-05-2025
- Business
- Business Recorder
Summary procedure: Applying Sec 9 (3) of Companies Ordinance should be fair and just: SC
ISLAMABAD: The Supreme Court ruled that Section 9 (3) of the Companies Ordinance, though allows summary procedure, but it should be fair and just, ensuring equal opportunities for the contesting parties. A three-judge bench, headed by Chief Justice Yahya Afridi and comprising Justice Amin-ud-Din Khan and Justice Ayesha A Malik delivered the judgment against the decision of Sindh High Court (SHC). The bench by majority of 2-1 set aside the impugned judgments of the SHC dated 16.09.2019 and the Company Judge dated 05.07.2012. Justice Ayesha disagreed with the majority opinion and wrote separate note. The basic facts are that a dispute arose between the partners of Ofspace Private Limited – Shah Group (Reza A. Shah and Neelofar Shah) and Khan Group (Alamgir Khan and Sajjida Naeem) over company's shares. Shah Group held 44 per cent shares and the Khan Group 56 per cent shares in the Company. On 15 January 1999, Alamgir Khan of Khan Group transferred the 30 per cent shares held by him to his brother, Sher Asfandyar Khan. The Shah Group contends that this transfer was in violation of the two Shareholders' Agreements, which, according to them, governed the shareholding structure and management of the Company. Shah Group brought the dispute before the Company Judge under Sections 290 and 291 of the Companies Ordinance, 1984, who after examining the matter, ruled in favour of the Shah Group, holding that the transfer of shares was in contravention of the agreed framework. This decision was subsequently upheld by the Division Bench of the Sindh High Court in appeal. The Khan Group challenged these findings before the apex court. The contention of the Khan Group was that the Shareholders' Agreements were neither independently authenticated nor validly executed and that they contain forged signatures. It was also argued that the Company judge erred in adopting summary procedure under Section 9 of the Companies Ordinance, and that too, despite the existence of complex and disputed factual issues. It also alleged that the secondary evidence was admitted improperly, without fulfilling the requirements prescribed under Article 76 of the Qanoon-e-Shahadat Order, 1984 for the admissibility of secondary evidence. The 30-page judgment, authored by CJP Afridi, noted that the reference to 'summary procedure' in Section 9 (3) does not deprive the Company Judge of the authority to receive and assess evidence, where the nature of the dispute so requires. It; however, said that Section 9 of the Companies Ordinance is not to be interpreted in a manner that overrides fundamental principles of fairness, particularly where intricate factual disputes arise. The Court observed that the present case is not a mere matter of contractual enforcement but one where the very authenticity of the Shareholders' Agreements is in dispute. The judgment said that such allegations require procedural safeguards, including oral testimony, forensic examination, and cross-examination, none of which were undertaken by the courts leading to the impugned judgment. The omission of these safeguards raises serious concerns regarding fairness and due process, particularly in a case where the validity of the underlying documents is directly contested. The Court noted that the Company Judge and the Division Bench of the SHC exercised discretion in a manner inconsistent with the well-settled legal principles governing the admissibility of documentary evidence. It said that the courts must exercise strict scrutiny when admitting secondary evidence, particularly where the authenticity of the primary document is in question. The judgment noted that the Company Judge treated the Shareholders' Agreements as genuine without subjecting them to the level of scrutiny ordinarily required in cases where forgery and fabrication are alleged. The decision of the Company Judge to accept the Shareholders' Agreements as valid, despite the categorical challenge made thereto by Khan Group to their authenticity, therefore raises the question of whether summary jurisdiction was exercised in a manner that ensured a just and equitable resolution of the dispute. The discretion of the Company Judge in treating the Shareholders' Agreements as genuine was exercised in disregard of established legal principles, given the absence of a proper evidentiary inquiry. The Division Bench, in upholding this finding, failed to recognise the procedural and substantive irregularities in the adjudication of the case. Copyright Business Recorder, 2025
Business Recorder
22-05-2025
- Business
- Business Recorder
Gratuity, in addition to CPF: AGP questions power of ISGS board for irregular payment to employees
ISLAMABAD: Auditor General of Pakistan (AGP) has questioned the power of the board of Inter State Gas Systems (Pvt) Limited (ISGS) for irregular payment gratuity in addition to contributory provident fund (CPF) to its employees annually. According to the website of the company, ISGS is a private limited Company incorporated under the Companies Ordinance, 1984 (Now Companies Act, 2017) and a wholly owned subsidiary of Government Holding (Pvt) Ltd. The company has a Board of Directors comprising nine members. The authorised share capital of the company is Rs20 billion. In a Public Accounts Committee (PAC)'s sub-committee held on Tuesday discussed the authority of the board in light of observations of audit report 2012-13. Audit report of ISGS observed that facility of gratuity in addition to CPF was allowed to employees appointed after October 16, 1984. Thus payment of gratuity in addition to CPF of Rs5.25 million made was held irregular. Federal government service rules provide for the various other benefits such as the pension, medical, accommodation, tuition, vacation, social security etc which are currently not applicable on the employees of the ISGS. These are competitive with the current prevailing market practices. The CPF scheme was being run by the government for its employees and not the private funds created. In case of ISGS the separate funds were being maintained for the gratuity and provident fund and no payment for gratuity was made out of the CPF scheme and therefore, there was no violation of the part of the ISGS of the instructions of the Finance Division. This would have been applicable if the ISGS provident fund had been part of the government provident fund scheme. Furthermore, finance consultation with Finance Division was not warranted when payment of remuneration/ bonus did not involve budgetary impact for government. In another audit report year 2022-23 pointed out that Petroleum Division collected GIDC amounting to Rs354 billion up to June 30, 2023. These funds meant to be utilised on TAPI, IP and Pakistan Stream Gas Pipeline Project but progress on these mega gas infrastructure development projects were slow and no significant headway could be made resulting in non-utilisation of GIDC funds. Copyright Business Recorder, 2025
Business Recorder
06-05-2025
- Business
- Business Recorder
Bank Al Habib shuts representative office in Kenya
Bank Al Habib Limited (BAHL) is officially closing its representative office in Kenya, following formal approvals from the central banks of both Pakistan and Kenya. BAHL disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'We write to inform you that, subsequent to the State Bank of Pakistan's (SBP's) in-principle approval for the closure of Bank AL Habib Limited's representative office in Kenya, we have also received approval from Central Bank of Kenya for the closure of the aforesaid representative office,' read the statement. BAHL informed that the Central Bank of Kenya has 'now informed us to surrender the license of the representative office after completion of all compliance requirements by the bank'. 'This decision is in line with the bank's strategy, and it will not have any material impact on the overall operating and financial position of the bank,' it said. Incorporated in Pakistan on 15 October 1991 as a public limited company under repealed Companies Ordinance, 1984, BAHL is a scheduled bank principally engaged in the business of commercial banking. For the first quarter ended March 31, 2025, BAHL reported a net interest income of Rs33.71 billion, as compared to Rs37.21 billion a year ago. Basic earnings per share from continuing operations clocked in at Rs9.65 compared to Rs9.22 a year ago.
