Colgate-Palmolive (Pakistan) Limited has made a significant announcement by declaring its intention to deposit the amount of unclaimed shares and unpaid dividends into the national treasury.
This move is a step towards ensuring transparency and accountability in corporate financial matters and aligns with the company’s commitment to adhere to regulatory standards.
The company communicated this decision via a notification to the Pakistan Stock Exchange (PSX), emphasizing its dedication to upholding corporate governance principles. Colgate-Palmolive (Pakistan) Limited shared the details of its dividend declarations, which were made accessible to the public on the company’s official website.
According to the notification, the company had previously made efforts to reach out to shareholders who had unclaimed shares and unpaid dividends. Notices were sent via registered post to the last known addresses of the shareholders, with a request to submit their claims within a three-month timeframe. However, the company received limited responses to these outreach efforts.
In light of the limited response, Colgate-Palmolive (Pakistan) Limited has decided to re-extend an invitation to shareholders, offering them another opportunity to claim their outstanding shares and dividends. The company’s notification clearly outlines the 90-day window, starting from January 16, 2019, during which shareholders are encouraged to come forward and make their claims.
As per the company’s announcement, should no claims be received within the specified period, Colgate-Palmolive (Pakistan) Limited will proceed to deposit the unclaimed shares and unpaid dividend amounts with the federal government. This action is in accordance with the provisions of Section 244 of the Companies Act, 2017, which outlines the procedure for dealing with unclaimed shares and dividends.
The decision to deposit unclaimed shares and unpaid dividends into the national treasury is a significant one, reflecting Colgate-Palmolive (Pakistan) Limited’s commitment to corporate responsibility and ethical business practices. It is a demonstration of the company’s dedication to maintaining a high standard of corporate governance and ensuring compliance with relevant legal and regulatory requirements.
Unclaimed dividends and shares can present challenges for companies in managing their financial records and ensuring transparency in their financial dealings. This move by Colgate-Palmolive (Pakistan) Limited not only addresses the issue of unclaimed dividends but also fosters greater transparency in corporate financial matters.
Furthermore, this step is in line with the broader initiatives aimed at ensuring that unclaimed financial assets are properly accounted for and utilized in the national interest. It aligns with the government’s efforts to improve the financial ecosystem and enhance the overall governance and transparency of corporate financial dealings.
In summary, Colgate-Palmolive (Pakistan) Limited’s decision to deposit unclaimed shares and unpaid dividends into the national treasury reflects the company’s commitment to responsible corporate governance. This action demonstrates the company’s adherence to regulatory standards and its commitment to uphold the principles of transparency and accountability in financial matters. By providing shareholders with the opportunity to claim their unclaimed shares and dividends, the company is contributing to the overall improvement of corporate financial practices and governance in Pakistan.
