The Securities and Exchange Commission of Pakistan (SECP) has placed a list of companies which have not yet appointed 'Legal Advisors', as required under the law on its website under the link, http://www.secp.gov.pk/notification/pdf/2010/List_of_Companies.xls.
According to a press release of the SECP issued on Friday, the High Court of Sindh, vide its order dated March 16, 2010, in CMA No 9056 of 2009 (CP 3162 of 1993), directed the SECP to compile, and provide to the Secretary Finance, Government of Pakistan, a report containing the names of all companies who have not appointed 'Legal Advisors' in terms of the Act, for the purpose of initiating necessary action against such companies as per law. However, before sending the report to the Federal Government, the SECP wants to ensure that the list is accurate in all respects.
Every company registered in Pakistan, having paid up capital of Rs 500, 000 or more is required to appoint a 'legal adviser' in terms of the Companies (Appointment of Legal Advisors) Act, 1974, (the Act), and failure to appoint a Legal Advisor renders the manager or other responsible officer of the company liable to imprisonment which may extend to three months or fine, or with both.-PR