Electricity shortfall reaches 2,500MW

KARACHI (Online): The power shortfall in the country surged to 2,500MW, compelling various power distribution companies to observe a 10-12 power cut in urban and rural areas. According to daily data released by National Transmission and Dispatch Company Limited (NTDC), the total generation was recorded as 8,500MW against the demand of 11,000MW. Hydroelectric generation stood at 1,030MW, thermal at 1,760MW and Independent Power Producers (IPPs) at 5,710MW. The Islamabad Electric Supply Company (IESCO) also resorted to 6-8 hours of load-shedding in Islamabad and Rawalpindi and its entire region under a power load-management plan.

Mismanagement, corruption and an over-reliance on expensive imported fuels have left the energy sector in dire straits, with hours-long blackouts a daily reality in the summer.

Dar resigns as Zayed hospital body convener

Islamabad (Staff Reprter): Federal Minister for Finance Senator Ishaq Dar has resigned as Convener of the Transition/Management Committee on Sheikh Zayed Hospital. In a letter addressed to the Chief Minister Punjab, the finance minister said that due to heavy workload in the federal government, he was unable to discharge his duties. Dar has also requested for the reconstitution of the Board of Trustees of Sheikh Zayed Bin Sultan Al-Nahyan Trust after obtaining the approval of President of Pakistan. Dar proposed a meeting of the Transition Committee preferably to be chaired by Khawaja Said Rafiq to meet a recent observation of the Supreme Court.

Cement sales show flat growth in six months

Lahore (Staff Reprter): The cement sales during first half of the fiscal year 2013-14 has been registered at around 16 million tons, showing a flat growth against dispatches in same period of last year. Provisional statistics show that local dispatches in 1HFY14 are standing at 12 million tons as compared to the same period last year, depicting growth of 2%YoY. However, exports are likely to decline by 2% to 4 million tons. Alone in Dec 2013 dispatches are around 2.9 million tons as against 2.7 million tons in Nov 2013 posting growth of 7%. Cement sales have improved not only when compared with previous month but against same period last year as well showing growth of 3%YoY.

Local dispatches in December 2013 remained around 2.3 million tons, registering a growth of 8% as against Nov 2013, local dispatches of 2.1 million tons.

SECP cautions listed companies for filing accounts

Islamabad (Staff Reprter): SECP cautioned the listed companies to file their annual and quarterly accounts to the Registrar of Companies and to the Enforcement Department of the SECP separately. It has been observed that a majority of listed companies who file their annual and quarterly accounts through eService, have ended up submitting their accounts only to the Registrar of Companies and not to the Enforcement Department. Feedback and clarification from the listed companies reveal that the listed companies are in the impression that once they filed their accounts via eService, they would be submitted not only to the Registrar of Companies but also to the Enforcement Department.

The requirement of the Companies Ordinance, 1984, being the relevant law is that all the listed companies are required to file their quarterly and annual accounts to the Registrar of Companies; and to the Commission, separately, in terms of Section 242, 233(5) and 245(1)(b) of the Companies Ordinance, 1984. The Registrar of Companies receives these accounts in the capacity of custodian of the corporate records, whereas the Enforcement Department requires these accounts for regulatory oversight of the companies.

The SECP has recently made e-filing mandatory for filing of documents, returns, accounts and applications, with the Enforcement or the Registrar, through its SRO 211 (I) 2013 dated March 13, 2013. The above circular however specifically provides that such facility would only be available for those filings of documents, returns, accounts and applications for which eService submission is available. Currently the service system caters for submission of annual and quarterly accounts only to the Registrar and not to the Enforcement Division.

This lack of awareness has been witnessed in most of the recent filings, where the accounts of a majority of listed companies filed through eService, were submitted to the Registrar of Companies, thereby discharging their obligation for submission of these documents towards the Registrar only, and not with the Enforcement Department.

Hence, for the purpose of clarification, all the listed companies, who are filing their annual and quarterly accounts through e-filing, are advised to also ensure the transmission of required number of copies in physical form to the Enforcement Department of the SECP.

Foreign reserves stand at $8.52b 

KARACHI (Staff reporter): The total liquid foreign reserves of the country stood at $ 8.52104b, said SBP.  The reserves held by SBP amounted $3.65703b and the net foreign reserves held by banks $4.86401b. During the week ending December 27, 2013, liquid foreign reserves increased by $ 464m to $ 3,657m compared to $3,193m in the previous week.  The increase in the SBP’s reserves is mainly attributed to $ 558m inflows from multilateral and bilateral sources which include $554m inflow received under EFF from IMF and $4m accounted for receipts from other multilateral institutions.  On account of external debt servicing and other official payments, SBP has made payments of $169m, of which $147m was paid to IMF.