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Pakistan

Political parties asked to submit accounts’ details for FY 2023-24 

ECP reminds all the heads of Political Parties to submit their account details before August 29

Published by Hussnain Bhutta

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Islamabad: The Election Commission of Pakistan (ECP) has asked all political parties to submit their consolidated statements of accounts for financial year 2023-24 on or before August 29.

“The Election Commission of Pakistan reminds all the heads of Political Parties, in terms of section 210 of the Elections Act, 2017 read with section 204 of the Act ibid and rule 159 & 160 of the Election Rules, 2017, thereof, that they are required to file with Election Commission their Consolidated Statement of Accounts on (Form-D) for financial year, 2023-24 ended on 30th June, 2024 on or before 29th August, 2024,” said a press release issued on Tuesday.

It may be recalled that Section 210 of the Elections Act, 2017 provides that a Political Party shall, in such a manner as may be prescribed, submit to the Commission, within sixty days from the close of a financial year, a consolidated statement of its accounts audited by a Chartered Accountant on Form-D containing, annual income and expenses, sources of its funds and assets and liabilities, it further said.

The consolidated statement of accounts to be submitted to the ECP complete in all respect and shall accompany by report of a Chartered Accountant with regard to the audit of accounts of a political party and a certificate signed by an office-bearer authorized by the party Head stating that no funds were received by the party from any source prohibited under the Elections Act, 2017, the statement of accounts contains an accurate picture of the financial position of the party, the information given above is correct to the best of my knowledge and belief and the above statement is audited by the Chartered Accountant and detailed report thereof is annexed.

The statement of accounts is to be submitted on Form-D as provided in the Elections Act, 2017. Printed Forms are available, free of cost, in the Election Commission Secretariat,  Islamabad and in the offices of the Provincial Election Commissioners, Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan. Form-D / Proforma for source of funds are also available on ECP’s Website.

The attested copy of Membership/Certificate issued by ICAP in respect of Auditor engaged shall be annexed to the Form-D along with last valid renewal certificate.

The Form-D shall also accompany a legible copy of each of the bank statements for the period of 01.07.2023 to 30.06.2024 of the party, along with a bank reconciliation statement.

The subject statement shall be addressed to the Secretary, Election Commission of Pakistan, Constitution Avenue, G-5/2, and  Islamabad and shall be delivered through an office-bearer of the party, duly authorized by the party head in terms of rule 156 of the Election Rules, 2017.

Statements received through post, fax, courier service or any other mode shall not be accepted.

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Technology

Israeli cybersecurity firm Wiz calls off $23 billion deal with Google

Wiz CEO Assaf Rappaport says the company would now focus on an initial public offering

Published by Hussnain Bhutta

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London: Israeli cybersecurity startup Wiz has ended talks with Google-parent Alphabet on a reported $23 billion deal in which it would have become the US tech giant's largest-ever acquisition, according to a Wiz memo seen by Reuters.

Wiz CEO Assaf Rappaport said the company would now focus on an initial public offering, as it had planned earlier, and aims to achieve an annual recurring revenue of $1 billion.

"Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice," Rappaport said in the memo, referring to an acquisition offer.

Neither Alphabet nor Wiz have officially acknowledged deal talks. The Wiz memo did not name Google or Alphabet.

Google did not immediately respond to a Reuters request for comment, while Wiz declined to comment.

Wiz provides cloud-based cybersecurity solutions that help companies identify and remove critical risks on cloud platforms, powered by artificial intelligence.

Wiz's decision to call off the deal will be a setback for Google, which has been investing in its cloud infrastructure and focusing on winning clients for the cloud business that generated more than $33 billion in revenues last year.

The fallout is a second blow for Alphabet in the M&A space in recent times, after reports of its decision to walk away from a deal for online marketing software company HubSpot.

Wiz would have been Alphabet's second big acquisition in the cybersecurity space, since its $5.4 billion purchase of Mandiant in 2022.

(Curtsy Reuters)

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Pakistan

Notice issued on PTI founder’s plea against physical remand in May-9 cases

LHC division bench sought details of cases against the PTI founder

Published by Hussnain Bhutta

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Lahore: A Lahore High Court (LHC) division bench on Tuesday issued notices to the prosecution and others on a petition filed by the Pakistan Tehreek-e-Insaf (PTI) founder challenging his 10-day physical remand in 12 cases related to the May 9 riots.

The bench also sought details of cases against the PTI founder, besides summoning the prosecutor general of Punjab and the advocate general of Punjab for July 24.

The bench, comprising Justice Tariq Saleem Sheikh and Justice Anwaarul Haq Pannun, heard the petition filed by the PTI founder. His counsel argued before the bench that an anti-terrorism court had illegally granted a 10-day physical remand of his client in 12 cases related to the May 9 riots, as he was not physically produced in the court for obtaining the remand.

He further submitted that the physical presence of the accused was mandatory as per law so that he could present his case before the court. He pleaded with the court to declare the PTI founder’s remand illegal.

Subsequently, the bench issued notices to the prosecution and others and sought their reply by July 24. On July 15, an anti-terrorism court (ATC) granted police a 10-day physical remand of the PTI founder in 12 cases related to the May 9 riots. He has been remanded in five cases registered at Sarwar Road police station, three cases at Gulberg police station, and one case each at Race Course, Shadman, Mughalpura, and Model Town police stations.

 

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