Names of defaulting firms listed on SECP website
The Securities and Exchange Commission of Pakistan (SECP) has announced that it has placed a list of 12,438 defaulting companies on its website, which are being issued demand notices.
A press statement by the commission on Monday informed that registrars at the company registration offices are issuing demand notices to the defaulter companies and advising them to comply with provisions of the law.
It has been observed that 12,438 dormant or defunct companies still exist on the register of companies, despite SECP’s amnesty schemes in the second half of last year. Apart from other non-compliances, these companies have not filed their annual returns for the last five years or more.
SECP offered two amnesty schemes – the Companies Regularisation Scheme (CRS) and the Companies Easy Exit Scheme (CEES) - from July to December 2010 and advised defaulter companies to benefit from the schemes, by either regularising their defaults through filing overdue returns under CRS or dissolving themselves under CEES.
These companies were also warned through media campaigns that a strict penal action would be initiated in case of non-compliance.
SECP has now initiated action to activate defaulter companies. It has advised all companies to go through the list to see if they are on it. If so, they should file their overdue returns and comply with the provisions of the law. Otherwise, action will be taken against them.
Published in The Express Tribune, March 29th, 2011.
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