ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued Companies (Easy Exit) Regulations, 2014, vide S.R.O. No. 1083 (I)/2014, says a statement here Tuesday.
The regulations aim at making `easy exit' a permanent feature, while prescribing an easy to follow procedure.
Now the public unlisted and private companies, excluding certain types of companies, desirous of getting their name off the register of companies have to file just certain prescribed forms/documents with the SECP.
Earlier, a company desirous of closing its business had to undergo a lengthy and rather cumbersome winding up procedure.
For this purpose the Companies Easy Exit Schemes (CEES) have been launched a number of times, for a specific period, in order to provide alternative and easy exit mechanism for striking off a company name.
There was a continual demand from relevant quarters for making CEES a permanent feature.
Acceding to this demand, the SECP has issued these regulations, which prescribe an easy to follow process for an easy exit/strike-off, after incorporating the feedback received from stakeholders.
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