K-Electric issues clarification on SECP fine

KARACHI: In a clarification issued by K-Electric on Saturday, the power utility said the delay in filing of financial statements was caused by an unprecedented delay in notification of tariff, which was beyond its control and the board of directors.

The company said it had already filed an appeal with the appellate tribunal of Securities and Exchange Commission of Pakistan (SECP) against its decision issued on December 03, 2018.

K-Electric (KE) is a law-abiding, responsible corporate entity which ensures compliance with all respective guidelines prescribed by relevant authorities.

It added that it follows due process in coordination with concerned authorities, ensuring prior notification and seeking permission wherever applicable on timeline and implementation of directives.

• The report originally published in the newspaper was based on a stock market notification issued on Friday