SECP further extends deadline for amnesty schemes up to December 31

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has further extended the deadline for the Companies Regularization Scheme (CRS) and Companies Easy Exit Scheme (CEES) for another month up to December 31.

A Circular No. 40 of 2012 has issued and placed on the SECP’s web-site. Up till now over 3,500 companies have taken benefit under the schemes.

The third extension in the two amnesty schemes were made on high demand of the investor bodies and business associations as the schemes are beneficial for businesses to adjust their statutory returns and annual accounts.

The regularization scheme, which is applicable to all unlisted companies, provides defaulting firms an opportunity to file their overdue statutory returns and annual accounts.

These schemes were initially operative for a period of two months, from July 2, 2012 to August 31, 2012. Upon receipt of requests for extension in time period of the schemes from relevant quarters, the SECP subsequently extended validity period till December 31, 2012.

The purpose of this initiative was to provide both facilities to the companies at the same time, either to get their defaults regularized under CRS, or benefit from the exit facility under CEES, if the company was defunct, not doing any business or not in operation and intends to cease its existence.

The fee structure shall remain the same as was applicable in the month of November 2012 for the schemes.

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