HDFC and MTDC fined for failure to publish quarterly report

Capital Market Development Authority (CMDA) has fined two public limited companies; Housing Development Finance Corporation (HDFC) and Maldives Tourism Development Corporation (MTDC) for failure to publish their quarterly report for the second quarter of 2013.

CMDA said that both companies were fined with MVR 30,000 and have now been ordered to announce a date on which they will publish their quarterly report, before the end of working hours today.

The Authority also said that MTDC had sent them a request for extension of deadline for publishing the report, reasoning they are unable to meet the required quorum for members of the board of directors to pass the quarterly report. The Authority however said that they will not accept this as sufficient reason for not being able to comply with their regulation.

Article 7 of the regulation governing the publishing of information by public limited companies requires all companies selling securities to the public to publish 4 reports each year, each report within 30 days of the subsequent 3 month quarters.