Earlier, SECP’s amnesty schemes - the Companies Regularisation Scheme (CRS) and the Companies Easy Exit Scheme (CEES) - remained in effect from July to December 2010. During the period, the companies were asked to either regularise their defaults through filing of overdue returns under CRS or strike their companies off the register under CEES.
However, SECP said despite providing sufficient time and extensive awareness campaigns, a number of defaulting or defunct companies still exist on the register of companies. Keeping this in view, the companies regulator has started a campaign to activate the defaulting companies and strike off the defunct companies.
The defaulting companies will be penalised for violating the provisions of law, whereas action under Section 439 of the Companies Ordinance 1984 will be taken to strike off the defunct companies not carrying on business or not in operation, from the register of companies.
In this manner, only the compliant companies will remain on SECP rolls, which will benefit all stakeholders and the corporate sector.
Published in The Express Tribune, February 25th, 2011.
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