The Securities and Exchange Commission of Pakistan (SECP) has further extended the deadline for the Companies Regularisation Scheme (CRS) and Companies Easy Exit Scheme (CEES) up to December 31. A Circular No 40 of 2012 has issued and placed on the SECP's website. 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 regularisation 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, to August 31. Upon receipt of requests for extension in time period of the schemes from relevant quarters, the SECP subsequently extended validity period till December 31.-PR

Copyright Business Recorder, 2012