ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has empowered Commissioner and the officers of the Corporatization and Compliance Department, Company Law Division to exercise powers to deal with companies other than listed companies.

According to the SRO 603(I)/2021 issued by the SECP here on Tuesday, in exercise of powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997, the SECP (“the Commission”), in supersession of the its earlier notifications No SRO 575(I)/2018 dated May 04, 2018, SRO 1125(I)/2019 dated September 20, 2019, SRO 73(I)/2020 dated January 30, 2020, SRO 107(I)/2020 dated February 11, 2020, and SRO 295(I)/2021 dated March 09, 2021, subject to such conditions and limitations as it may from time to time impose, hereby delegates the certain powers and functions of the Commission to its Commissioner and the officers of the Corporatization and Compliance Department, Company Law Division.

The said officials would be empowered to grant license and impose terms and conditions; appoint administrator to manage the affairs of a company licensed under section 42 and initiate winding-up proceedings and sanction issue of shares at discount on such terms and conditions as he thinks fit and allow extension in time to issue shares at discount.

The Commissioner would be empowered to grant approval for offer of Employee Stock Option Scheme and for issuance of such shares; allow a company to issue further share capital to any person for cash or for a consideration other than cash; hear the 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 SECP added.

Copyright Business Recorder, 2021