In order to facilitate the corporate sector, the Securities and Exchange Commission of Pakistan (SECP) is re-launching the Companies Regularisation Scheme (CRS) and Companies Easy Exit Scheme (CEES) for two months from July 2 to August 31.
The purpose of this initiative is to provide both facilities to the companies at the same time, either to get their defaults regularised under CRS, or benefit from the exit facility under CEES, if the company is defunct, not doing any business or not in operation and intends to cease its existence, said the SECP in a press release.
The regularisation scheme, which is applicable to all unlisted companies, provides defaulting firms an opportunity to file their overdue statutory returns and annual accounts.
Initially, in July the overdue documents can be filed with normal filing fee plus half of the normal fee as additional fee. However, in August the fee will increase to normal filing fee plus one additional filing fee. The scheme also absolves the defaulting companies of penalties imposed on filing of overdue documents.
The easy exit scheme allows the companies having no assets or liabilities and not doing any business to avail themselves of the exit facility without undergoing the cumbersome winding up procedure. This scheme is applicable to private and public unlisted companies.
However, “the facility of filing through eServices will not be available under the CRS and CEES,” the SECP said.
Published in The Express Tribune, July 1st, 2012.
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