Electronic transmission of statements: Condition requiring approval withdrawn

The Securities and Exchange Commission of Pakistan (SECP) has withdrawn the condition requiring approval of the shareholders and the Commission for electronic transmission of quarterly financial statements to shareholder following promulgation of the Companies Ordinance, 2016.
According to the circular number 39 of 2016 issued here on Monday, pursuant to the provisions of section 223(7) of Companies Ordinance, 2016 ("Ordinance"), a listed company shall, besides filing hard copies of its annual audited financial statements, auditor's report, director's report and chairman's review report send electronically a copy of the annual financial
statements together with the aforesaid reports to the Commission. In terms of section 237(2) of the Ordinance, every listed company shall transmit electronically its quarterly financial statements to the Commission. The designated email address for the aforesaid transmission is financial.statements@secp.gov.pk. The Companies are required to transmit the aforesaid financial statements in both PDF as well as M/s word/excel format on the designated email address, SECP said.
The SECP pointed out that receipt of the financial statement, in the two formats, through above stated email, within stipulated time, shall be treated compliance of the provisions of section 223(7) and 237(2) of the Ordinance respectively, to the extent of electronic transmission of financial statements to the commission. Circular No 19 of 2004, dated April 14, 2004, requiring approval of the shareholders and the Commission for electronic transmission of quarterly financial statements to shareholder has been rendered superfluous with promulgation of the Ordinance and hence withdrawn, the SECP added.