Most companies comply with law
SECP has emphasised that effective measures taken by it have resulted in 85% compliance
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 25th, 2018.
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 25th, 2018.