The Securities and Exchange Commission of Pakistan (SECP) has amended the Statement in Lieu of Prospectus format required to be filed by unlisted public companies to obtain the commencement of business certificate. According to a press release issued here on Saturday, the purpose of this revision is to make Statement in Lieu of Prospectus more compatible with SECP's e-Services regime and understandable for those who regulated as well as their consultants.
The amended format is much easier to be filled and best suited to online submission environment. Some relevant information regarding the company has also been added keeping in view the requirements of all the stakeholders, including corporate universal identification number, registered office, contact details, etc. Further, previous format contained some cumbersome, complicated and difficult information. Recognising the same, the format has been simplified, made informative and comprehensive to facilitate the regulates.
The amended format contains more detailed and simplified information on authorised capital of the company, business to be undertaken by the company and its future prospects, particulars of directors, chief executives, secretaries etc, remuneration payable to these persons, number and amount of shares and debentures agreed to be issued, details of every agreement entered into since incorporation and material contracts, minimum subscription and its proposed utilisation, preliminary expenses, etc. Moreover, unnecessary and duplicate information has been deleted-PR
Comments
Comments are closed for this article.