SECP empowers Joint Registrars to impose penalty

The Securities and Exchange Commission of Pakistan (SECP) has empowered Joint Registrars of respective Company Registration Offices of Karachi, Lahore and Islamabad to impose penalty on companies under section 479 of the Companies Act, 2017.
According to the SRO No. 843(I)/2017 issued by the SECP, in exercise of the powers conferred by sub-section (4) of section 479 of the Companies Act, 2017 and in supersession of its earlier notification SRO No. 658(I)/2009, dated 14th July, 2009, the Securities and Exchange Commission of Pakistan has issued an order that: Powers of the Registrar conferred by clause (b) of sub-section (3) of section 479 of the Act shall be exercised by the registrar concerned.
Powers of the Additional Registrar, company Registration Office, Karachi, the Additional Registrar, Company Registration Office, Lahore and the Additional Registrar, Company Registration Office, Islamabad, conferred by clause (a) of sub-section (3) of section 479 of the Act in the matters of companies falling in their jurisdiction, shall be exercised by the Joint Registrars of the respective Company Registration Offices, respectively, the SECP added.