350 firms apply under amnesty schemes
KARACHI:
The Securities and Exchange Commission of Pakistan (SECP) has announced that 250 companies regularised their defaults and filed 700 returns by July 27 under the Company Regularisation Scheme.
Similarly, it said, under the Companies Easy Exit Scheme around 100 companies have applied to avail themselves of the exit facility.
“These companies have deposited around Rs1.6 million and more companies will come forward in the last days of the schemes. On the last day of previous year, the defaulting companies had deposited Rs4 to Rs5 million,” Director Registration Securities and Exchange Commission of Pakistan said.
“The SECP has received an overwhelming response to its amnesty schemes for regularisation of belated returns and easy exit facility to dormant companies, which were launched on July 1 for three months,” the commission announced in a statement on Wednesday.
The schemes are for three months from July 1 to September 30 with three phases of one month each having different fee schedules. The first phase of the schemes will end on July 31. However, the SECP said documents under phase one will be accepted by August 2 due to holiday on July 31. The regularisation scheme is applicable to all types of companies other than listed companies, and accepts overdue returns and annual accounts from them by paying only normal filing fees plus half of the normal fee as additional fee without any penalties during the first month. However, in the second month, the fee will increase and the late submission of documents will be accepted with payment of normal filing fees plus one time normal fee as additional fee.
Among other documents, companies are required to submit Form A and B as well as Form 29. Form A is filed by commercial companies and Form B by non-governmental organisations. These forms provide a summary of documents including the address of a company’s registered office, loans and mortgages, shareholding, etc.
Published in The Express Tribune, July 29th, 2010.
The Securities and Exchange Commission of Pakistan (SECP) has announced that 250 companies regularised their defaults and filed 700 returns by July 27 under the Company Regularisation Scheme.
Similarly, it said, under the Companies Easy Exit Scheme around 100 companies have applied to avail themselves of the exit facility.
“These companies have deposited around Rs1.6 million and more companies will come forward in the last days of the schemes. On the last day of previous year, the defaulting companies had deposited Rs4 to Rs5 million,” Director Registration Securities and Exchange Commission of Pakistan said.
“The SECP has received an overwhelming response to its amnesty schemes for regularisation of belated returns and easy exit facility to dormant companies, which were launched on July 1 for three months,” the commission announced in a statement on Wednesday.
The schemes are for three months from July 1 to September 30 with three phases of one month each having different fee schedules. The first phase of the schemes will end on July 31. However, the SECP said documents under phase one will be accepted by August 2 due to holiday on July 31. The regularisation scheme is applicable to all types of companies other than listed companies, and accepts overdue returns and annual accounts from them by paying only normal filing fees plus half of the normal fee as additional fee without any penalties during the first month. However, in the second month, the fee will increase and the late submission of documents will be accepted with payment of normal filing fees plus one time normal fee as additional fee.
Among other documents, companies are required to submit Form A and B as well as Form 29. Form A is filed by commercial companies and Form B by non-governmental organisations. These forms provide a summary of documents including the address of a company’s registered office, loans and mortgages, shareholding, etc.
Published in The Express Tribune, July 29th, 2010.