House Building Finance Company Limited (HBFCL) is a public sector organization wholly and completely owned by the government, in other words the people of Pakistan. So, if anything is going wrong it becomes our duty and responsibility to point it out. HBFCL came into existence in 1952 as a corporation under an act of the parliament. Later in 2006, an unlisted public limited company was formed which started doing business in 2007 with all assets, liabilities and undertakings of the corporation. This corporation is without any proper board since April 2010. Can anyone tell me how a public limited company is being run without proper management, without a legally formed board of directors? The main shareholder of the ‘company’ is the Government of Pakistan. If this ‘shareholder’ cannot establish a board, and cannot run this ‘company’ according to the provisions of the Companies Ordinance 1984, then why was a limited company formed?

Can anybody also tell me what the regulator of limited companies, Security Exchange Commission of Pakistan (SECP) is doing? Also what the statutory regulators of financial institutions, State Bank of Pakistan (SBP) is doing to mitigate such a grave situation?

SYED SAYEF HUSSAIN,

Karachi, October 14.