Business

Most companies comply with law

SECP has emphasised that effective measures taken by it have resulted in 85% compliance

APP July 25, 2018

SECP said that measures taken have resulted in 85% compliance.PHOTO: SECP

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has emphasised that effective measures taken by it have resulted in 85% compliance with provisions of the Companies (Appointment of Legal Advisers) Act 1974.

The Act requires companies having paid-up share capital of more than Rs7.5 million to appoint at least one legal adviser that will advise on a company’s functions and discharge of duties in accordance with the law, according to a statement issued by the SECP on Tuesday.

Sub-rule (1) of Rule 4 of the Companies (Appointment of Legal Advisers) Rules 1975 stipulates “every company shall, within 15 days of appointment of a legal adviser, furnish in duplicate to the registrar of the region in which its registered office is situated, the name (names of the partners in case of a firm), address and remuneration of the legal adviser.”

Published in The Express Tribune, July 25^th, 2018.

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