ISLAMABAD – The National Accountability Bureau (NAB) while invoking its jurisdiction under Section 33-C of National Accountability Ordinance has sought reply from FFCL for violation of SECP directives and actions against the norms of financial discipline demanded by present economic state of affairs of the country till Nov 15.Sources in NAB and SECP informed TheNation some massive irregularities on part of FFCL and some other corporations operating in public and private sectors.The top management of FFCL had arranged a trip to Rio de Janeiro in the name of Board meeting of the organisation whereas under the SECP rules and regulations FFCL was not eligible to hold such a meeting. NAB has invoked Section 33-C of NAO and sought explanation from the Chief Executive/ Managing Director of FFCL Lt-Gen (Retd) Naeem Khalid about the financial affairs of the entity and its overall working.Under the SECP notification dated Nov. 10, 2011, circular No. 14/2011 any company registered with SECP having 90pc foreigner shareholders can arrange four board meetings abroad keeping in view the convenience of its shareholders. Similarly the companies having 40/30pc foreigner shareholders could arrange three board meetings abroad in a year, the companies having 30 to 40pc foreigner shareholders could arrange two meetings while the companies having below 30pc shareholders abroad could only hold one board meeting abroad in a year.Sources informed that in the light of the notification the prime investigation entity of the country has sought certain information from Chairman FFCL. The NAB questionnaire included reply on details of FFCL meetings held abroad and the foreign visits of Chairman, executives and board members official visits abroad during the same period.All details of the transport and other facilities acquired for the executives and other members during these foreign visits. Details of the emoluments, bonuses and other perks and privileges of the top officials of the company and enhancement made in it over the past three years time.