Through an SRO 1136 (I)/2017 issued here on Thursday, the SECP has delegated its powers and functions to the officers of the Corporatization and Compliance Department, Company Law Division. The said officials would be empowered to call upon the foreign company to furnish information about the shareholding including beneficial ownership or such other information or document, as may be required for the purposes of Companies Act, 2017 or in connection with any inspection, inquiry or investigation.
They would have the powers to authorize an officer to inspect books of accounts and books and papers of a company. The nature of powers/functions of the SECP to be exercised by the officers of the Corporatization and Compliance Department, Company Law Division, included hearing of appeal against the order passed under section 464(2) in case of order of refusal passed or upheld in appeal by the registrar of companies.
The officers of the Corporatization and Compliance Department SECP would also exercise powers under certain sections of the Companies Act, 2017. They would be empowered to grant relief from the consequences of default in complying with the conditions constituting a company as a private company.
The officers of the Corporatization and Compliance Department SECP would also be empowered to grant exemption to a company or class of companies, from compliance with all or any of the requirements of the relevant schedule; order investigation into the affairs of the company and to appoint inspector(s) and accord approval to the inspectors for investigation into the affairs of any other associated company or associated undertaking, which is, or has been associated and also from chief executive of any such company.
The officers of the Corporatization and Compliance Department SECP would also exercise all powers of the Commission regarding expenses of investigation and to get reimbursement of cost of the investigation and make an application to the court by petition for an order under this section. They would also perform all functions and exercise all powers of the commission under section 304, in the case of winding up of a company.
The officers of the Corporatization and Compliance Department SECP would also empowered to file an application in the court to stay, withdraw, cancel or revoke the winding up proceeding of a company. They would be empowered to impose penalty for indulging in any activity which is prejudicial to the interest of farmer, members, etc. 23 465(1) To pass a general or specific order requiring a company or class of companies or all the companies to file a special return under section 465.
The officers of the Corporatization and Compliance Department SECP would also be empowered to file an application in the court to stay, withdraw, cancel or revoke, and to grant exemption to any company or class of companies from compliance from the requirements of the International Financial Reporting Standards.
Copyright Business Recorder, 2017