KARACHI: President Hum Network Limited (HUMNL) Sultana Siddiqui on Thursday asked the Securities and Exchange Commission of Pakistan (SECP) to inquire about an alleged attempt by a concert of parties to take over HUMNL.
HUMNL following article titled, “Is Sultana Siddiqui about to lose control over Hum TV?”, conducted an audit of its shareholding to assess the likelihood of a takeover.
As a result of the findings, HUMNL wrote a letter of complaint to the SECP regarding the illegal transfer of shares by shareholders of HUMNL. The letter has been undersigned by Sultana Siddiqui, in addition to the public notice to the Pakistan Stock Exchange (PSX) outlining the findings.
Moreover, the company also claims that the transfer of shares are in contrast with Section 29 of the SECP Act and Section 139 of the Securities Act, 2015.
The letter summarizes the details in the public notice issued on the PSX and also mentions that HUMNL had been observing unusual activity in the trade of company’s shares in the stock market, especially in the months of March and April.