The Securities and Exchange Commission of Pakistan (SECP) has empowered the Commissioner Corportization and Compliance Department (CCD) to exercise certain powers of Companies Ordinance 2016 including grant, renew or revoke licences of companies. According to the SRO.1092(I)/2016 issued here on Monday, the SECP has issued powers and functions of the commission delegated to its commissioners and the officers of the Corporatization and Compliance Department, Company Law Division under Companies Ordinance 2016.
The Commissioner Corportization and Compliance Department (CCD) would exercise powers and functions in respect of all companies except for the companies involved in business of insurance under the Insurance Ordinance, 2000 and the Non- Banking Finance Companies or notified entities.
The said officials would also be empowered to impose penalty for violation of provisions of section 82 and make a disqualification order against a person to hold office of director of a public interest company. The officials can impose penalty as provided for any offence, contravention of, or default in complying with provisions of the Companies Ordinance, 2016, which fall within the jurisdiction of registrar of companies through delegation of powers.
Besides other powers, the commissioners and the officers of the Corporatization and Compliance Department, Company Law Division would be authorised to appoint cost auditor and impose fine for failure of refusal to comply with or contravention of the rules. They would be empowered to register a holding company and its subsidiary companies as a group.
They would be empowered to extend the time for retention of record seized for further period not exceeding thirty days and hear appeals against the order of registrar refusing to register any circular regarding offer of a scheme of merger/amalgamation, etc, involving the transfer of shares. The said officials of the SECP would be empowered to take cognisance of any lapse, delay or other irregularity on the part of official liquidator and allow the creditors or the contributories to inspect the documents in the case of voluntary winding up.
The said officials of the SECP would be authorised to restrict the disclosure of information maintained by the registrar regarding promoters, shareholders and directors of the company incorporated. Commissioners and the officers of the Corporatization and Compliance Department would have the powers to make an order directing a company and its officers to make good the default or undo the irregularities or otherwise make amends, where adjudication powers have been delegated to the registrar of companies.
They would be empowered to impose fine for non-compliance of the direction given or order passed in pursuance of the powers delegated. In addition to the said powers, the powers of the Commission under the rules or regulations made under a particular section are also delegated to the commissioner or the officer concerned if powers and functions of the Commission provided in the section relevant to the said rules or regulations have been delegated to him.
The notification shall not affect anything done, order made, notification issued, show cause issued, circular made, proceedings commenced, penalties imposed and/or collected, sanction granted, approval made, fee directed or collected, directions given, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuant to any previous notifications.
Any pending proceedings under any previous notification shall stand transfer to the delegated authority provided in this notification forthwith who shall proceed with the matter as it stands prior to the coming into the effect of this notification, the SECP added.