The declining levels of Corporate Governance Disclosures at PSX: Season 2 Gatron Industries (how to make sense of their disclosures) which I simply can’t!!

1) Gatron Industries (GATI) is one of the pioneers of the Chemical/ Synthetic Rayon space in Pakistan. The company thru a notice dated 10th February informed @pakstockexgltd that the board has authorised the company to enter into a scheme of arrangement between NFL (unlisted Nova Frontiers Limited) and Ghani & Tayub (the sponsors Private investment Arm) whereby NFL will cancel shares held by Certain Shareholders will be while NFLs 29.3% Shareholding or Gatron will be cancelled up to the ratio determined and new shares will be issued of GATI In lieu of shareholding cancelled of NFL.


2) Curiously, even after passage of 5 months the swap ratio has not been announced while the family members of GATI know this as they have authorised this in their Meetings leaving public shareholders at a huge disadvantage while the insiders have access to what will Happen. Isn’t 5 months a long time period and why is the company not disclosing such material information on time? What is the role of @pakstockexgltd to push the company into doing the right thing?

Security Papers Limited (SPL): 15 Months of Illegal Governance – Urgent Action Needed from SECP

For the past 15 months, Security Papers Limited (SPL)—a State-Owned Enterprise (SOE) and publicly listed company—has been operating with an illegally constituted board, lacking any representation of minority shareholders, independent directors, or female directors, in clear violation of corporate governance laws.

Despite clear determinations by the Securities and Exchange Commission of Pakistan (SECP) and the Ministry of Finance (MoF) that SPL’s previous independent directors were ineligible, the company has continuously ignored these rulings and resorted to frivolous litigation to delay compliance.

SECP’s Ruling and SPL’s Ongoing Violations

✔ SECP’s decision (Feb 9, 2024) required SPL to proceed with elections based on the original shareholder list, candidates, and proxies from the 8th EOGM (Nov 29, 2023).

❌ Instead of complying, SPL unlawfully canceled the process, sought fresh nominations, and issued a new election notice on March 6, 2025, in direct violation of SECP’s clear directives and superior court rulings.

✔ Three directors—Mrs. Farzana Munaf, Mr. Asad Ali Shah, and Mr. Ahmed Munaf—were deemed elected as per Section 159(5) of the Companies Act, 2017, since all other candidates withdrew.

❌ Despite this, SPL has refused to acknowledge their election and continues to delay the transition of its board, violating both SECP’s orders and the fundamental rights of shareholders.

A Dangerous Precedent

SPL’s actions are not just an isolated case—they set a dangerous precedent where majority shareholders can manipulate elections and block legitimate shareholder representation. If left unchecked, this will erode investor confidence in Pakistan’s capital markets and embolden other listed companies to exploit similar legal loopholes.

Urgent Action Needed from SECP

While SECP has taken important steps to address this, the situation demands swift and decisive enforcement to:

✔ Recognize the deemed election of the three directors and ensure their immediate appointment.
✔ Stop SPL’s continued violations of SECP directives and corporate governance laws.
✔ Prevent frivolous litigation from being used as a delay tactic to evade accountability.

We trust SECP will act urgently to uphold its commitment to corporate governance, minority shareholder rights, and capital market integrity.

📄 For full details, refer to the official letter
#CorporateGovernance #SECP #SecurityPapersLimited #ShareholderRights #PublicSectorCompanies #InvestorConfidence #CapitalMarkets

@akifsaeed65 @Asad_Ashah @pakstockexgltd @tisistheend @StateBank_Pak @Profitpk @motasim @Financegovpk @MIshaqDar50 @IMFSpokesperson @FaseehMangi @StutterFreak @goneneutral @nadeemhaque @YousufNazar @AdilNajam @PakPMO @81ShahbazRana @ZahrahV @z

Wake up wake up Champions of Corporate Governance! @SECPakistan @PICGofficial? How can a company explicitly cancel proxies of an election and under what rules? As per the notice of Security Papers this EOGM is in continuation of the previous AGM so how can proxies be cancelled?



The only reason which comes to mind is to put more hurdles in the way of minority shareholders to come on the board of this company? @akifsaeed65 @SECPakistan You have recently done a lot of good work to protect minority shareholders and you should take immediate cognisance.

@SECPakistan @MirzaMahmood65 @StateBank_Pak @motasim @rehmanwasim @imf_pakistan @tisistheend @Asad_Ashah @AajKamranKhan @profit_ed @Profitpk @pakstockexgltd @javedhassan @mincompk @81ShahbazRana @KazimAlam @2paisay @HarounRashid2 @PseudoEconomist @AbdulRehman0292 @magmmz





In perhaps one of the first known instances in Pakistan Mr Javed Akhtar and a group of minority shareholders represented by Mirza and Tahir Adv have challenged the ‘unlawful’ notice of Security Papers Limited (A company majorly directly indirectly owned by Federal Govt Thru SBP)

@KazimAlam @Dawn_News @profit_ed @Asad_Ashah @etribune @abay_insaan_ban @murtazahsyed @KhaqanNajeeb @nadeemhaque @YousufNazar @StateBank_Pak
A Farcical AGM where mgmt along with Chairman did not only muzzle shareholders asking questions but seemed to hide everything under the rug. The @SECPakistan should take video evidence of how the meeting was conducted. Within 1 minute of the meeting, Chairman of the company Said accounts are passed where shareholders raised genuine questions. The responses were: we have taken note of this and then we need to move on.

@akifsaeed65 @MisterNarejo Listed company.SECP is in receipt of complaints in SEPL from July onwards and it has done little to push the company to address these. Also this is a SOE by any definition (govt of pakistan owns direct and indirect 63% shareholding) yet The SOE law is not being followed in this. @akifsaeed65 @MisterNarejo @1sakhtar @Asad_Ashah @profit_ed @abay_insaan_ban @tisistheend @rehmanwasim @StateBank_Pak If SBP owned listed entities can’t even have proper independent directors Imagine the issues which would be taking in them and other Pvt entities. Mgmts in these cos benefit personally

@murtazahsyed @MiftahIsmail @YousufNazar @Bnizami @KhizarKahloon @rogueonomist @rezabaqir @DRezaBaqir @eagpakistan @javedhassan @2paisay @PseudoEconomist @motasim @AbdulRehman0292 @rehmanwasim @Asad_Ashah @MIshaqDar50 @StateBank_Pak @nadeemhaque Dr Murtaza these articles were written in FY17 and one slightly earlier. Have we seen post these articles (the gains from China Trade) which SBP was prosetylizing did they happen that way and did we regular follow up (in case things didnt go as per plan). We did not have either. @murtazahsyed @MiftahIsmail @YousufNazar @Bnizami @KhizarKahloon @rogueonomist @rezabaqir @DRezaBaqir @eagpakistan @javedhassan @2paisay @PseudoEconomist @motasim @AbdulRehman0292 @rehmanwasim @Asad_Ashah @MIshaqDar50 @StateBank_Pak @nadeemhaque Perhaps you should read these articles again in the interest of fairness and tell us why even after 6 years we are in 2023 we are still unable to benefit from the huge 'investment dividend' from China and how we have been 'debt trapped' just like the African countries have.

@murtazahsyed @KhurramHusain @rezabaqir Dr Murtaza I sent you a document when you were Deputy governor of SBP while Dr Baqir was governor about Corporate Governance standards which declined in companies owned by the SBP where on some companies both of you were either Chairman/ Deputy Chairman of the parent companies. @murtazahsyed @KhurramHusain @rezabaqir Since I see you are now responding to specific questions or statements (a very public discussion with one Muzammil) i thought in the issue of fairness you should also reply on that too? No? As public Servants and people who came with the theme of being answerable for decisions