Please refer to our BPRD Circular letter No.44
dated the 26th August, 1997 on the captioned subject. 2. In light of the fact that shares
of the banks are now handled under Central Depository System
("CDS"), it is considered appropriate to issue following
further directives for compliance by Chief Executives of each
of the private sector banks and Sponsor Directors of such
banks :
(a) To confirm to the State Bank within five
days from the date hereof that Sponsors Shares have not been
deposited in CDS.
(b) If sponsors shares have been deposited
in CDS, then: (i) they should be withdrawn forthwith; and
(ii) provide explanation to the State Bank within ten days
from the date hereof as to why Sponsors' Shares were deposited
in CDS notwithstanding the restriction as to their transferability.
(c) In order to ensure that Sponsors' Shares
are not wrongfully placed in the market, it has now been decided
that the same should be deposited in safe custody with the
Chief Manager of SBP Karachi Office within ten days from the
date hereof.
3.
Above Directives are issued in exercise of powers conferred
on the State Bank under Section 41 of the Banking Companies
Ordinance, 1962. Chief Executives of each of the private sector
banks and all Sponsor Directors of such banks are required
to meticulously comply with the same.
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