The Companies Easy Exit Scheme (CEES) and Companies Regularisation Scheme (CRS) can be availed till September 30, 2010. Both the schemes were re-launched by the Securities and Exchange Commission of Pakistan (SECP) on July 1, 2010 for three months.
CEES: The SECP had decided to re-launch CEES on continuous demand from various quarters. The scheme provides an opportunity to the dormant private and non-listed public companies, having no assets or liabilities and not carrying on business, to take advantage of the exit route and get their names struck off the register of companies in terms of Section 439 of the Companies Ordinance 1984, after fulfilment of the specified formalities.
It may be mentioned that a scheme in the like manner was first introduced by the SECP in the year 2002 which was re-launched second time in the year 2004 and again re-launched third time in the year 2007. The scheme and its easy-to-follow procedure attracted for deregistration of 2,860 companies in the first phase, 1,519 companies in the second phase and 1,656 companies in the third phase.
CRS: The CRS was also re-launched to provide relief to the management of companies, under which an opportunity was provided to the defaulter companies to file their overdue statutory returns, with one time additional fee, instead of three times addition fee, and also absolved such companies of liabilities arising from the delay in filing of returns.
The scheme was launched in 2002. The scheme was re-launched in 2009 and thousands of companies had availed the benefits of the said scheme and got their defaults regularised. The SECP again re-launched this scheme on July 1, 2010 for three months till September 30, 2010.
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