SECP extends amnesty schemes by a month

The Securities and Exchange Commission of Pakistan extends deadlines of the CRS and CEES to October 31.

The Securities and Exchange Commission of Pakistan (SECP) has extended the deadline of the Companies Regularisation Scheme (CRS) and the Companies Easy Exit Scheme (CEES) to October 31.

These amnesty schemes were initially introduced for a period of three months in three phases of one month each. A total of 1,131 companies have so far regularised their defaults under the CRS and 1,200 companies have availed themselves of the easy exit facility under the CEES, the SECP announced on Friday.

The regulatory body had received many requests from the corporate sector and relevant quarters to extend the validity period of the schemes citing the law and order situation, floods and other problems. Moreover, the last date of the schemes coincided with the last date of filing of tax returns. The fee structure of the third phase of the schemes will be applicable.

The SECP said inactive companies may take advantage of the schemes by either regularising themselves through filing of their overdue returns under the CRS or strike their companies off the register under the CEES.

Published in The Express Tribune, October 2^nd, 2010.