The Securities and Exchange Commission of Pakistan (SECP) have received an overwhelming response to its amnesty scheme for regularization of belated returns and easy exit facility to dormant companies, which was launched on July 1, 2010 for three months.
Under the Company Regularization Scheme (CRS) some 250 companies have regularized their defaults and have filed 700 returns by July 27, 2010. Similarly, under the Companies Easy Exit Scheme (CEES) around 100 companies have applied to avail themselves of the exit facility.
The schemes have been launched for three months from July 1, 2010 to September 30, 2010 (in three phases of one month period each) with different fee schedule. The first phase of the schemes would be closed on July 31, 2010. However, the documents under Phase- I shall be accepted by Monday August 2, 2010 due to holiday on July 31, 2010. As such, only three days have been left in closing of the first phase.
The regularization scheme was applicable to all types of companies other than listed companies, and enabled acceptance of overdue returns and annual accounts by paying only normal filing fees plus one half of the normal filing fee as additional fee without any penalties, during the first month. However, in the second month of the scheme, the fee will increase and the late submission of documents will be accepted by paying of normal filing fees plus one time the normal filing fee as additional fee.
The SECP always facilitates the corporate sector in compliance of law through simplification of procedures. The schemes will increase compliance of law by registered companies and also help weed out the dormant ones.
