Circulars/Notifications - Banking Supervision Department  
 BPRD Circular Letter No. 11
April 21, 2000  

The Chief Executives,
Bank Al Habib Limited,
Union Bank Limited,
Faysal Bank Limited,
Indus Bank Limited,
Bolan Bank Limited,
Prime Commercial Bank Limited,
Soneri Bank Limited,
Askari Commercial Bank Limited,
Metropolitan Bank Limited,
Gulf Commercial Bank Limited,
Platinum Commercial Bank Limited,
Prudential Commercial Bank Limited,
Bank Al Falah Limited,

Dear Sirs,

PURPORTED SALE BY SPONSOR DIRECTORS

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(b) If sponsors shares have been deposited in CDS, then: (i) they should be withdrawn forthwith; and (ii) provide explanation to the State Bank within ten days from the date hereof as to why Sponsors' Shares were deposited in CDS notwithstanding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.

Yours faithfully,
(KAZI ABDUL MUKTADIR)
Director

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