Corporate compliance scheme: PCJCCI, SECP organise awareness session

LAHORE: Pakistan China Joint Chamber of Commerce & Industry organized an awareness session on “Major Corporate Compliance Requirements & Companies Regularization Scheme 2024” yesterday in collaboration with Securities and Exchange Commission of Pakistan (SECP) at PCJCCI Secretariat.

Moazzam Ghurki, President PCJCCI presided over the seminar while Registrar/Incharge Company Registration Office, SECP Lahore Shahbaz Sarwar, Additional Registrar SECP, Ms. Sidra Mansur, Usman Saeed, Deputy Registrar, SECP and Hamza Khalid, Vice President PCJCCI spoke on the occasion and shed light on the aims and objectives of the Scheme.

President PCJCCI said that this session is designed to provide comprehensive insights into the evolving landscape of corporate compliance, ensuring that our businesses not only adhere to legal requirements but also adopt the best practices that foster transparency, accountability, and growth.

On the occasion, Shahbaz Sarwar, Registrar/Incharge Company Registration Office, SECP Lahore explained the aims and objectives of the awareness session, while briefing the participants about initiatives taken by SECP for ease of doing business and for encouraging corporate compliance including Companies Regularization Scheme.

Sidra Mansur, Additional Registrar SECP, highlighted the features and benefits of Companies Regularization Scheme (CRS) 2024. She said that the Securities and Exchange Commission of Pakistan (SECP) has re-launched the CRS to provide an opportunity for defaulter companies to file their overdue statutory returns from June 15, 2024, to September 15, 2024 and explained that this scheme is applicable to non-listed public companies, private companies, Single-Member Companies (SMCs), trade organizations, non-profit associations, companies limited by guarantee, and foreign companies. She further said that this covers documents filed after their due date for defaults committed up to October 28, 2023, excluding returns related to mortgages and charges. During the operative period, companies can file their documents online (through eZfile) or physically at the concerned Company Registration Office (CRO). She said that the CRS offers significant benefits, including the ability to file overdue annual returns, statutory forms, and accounts by paying a one-time filing fee without any additional fees or penalties. This initiative represents a one-time opportunity for companies to regularize and update their corporate records without incurring penalties for delayed filings.

Usman Saeed, Deputy Registrar gave a detailed presentation on major corporate compliance requirements under the Companies Act, 2017 and rules and regulations framed thereunder.

Hamza Khalid, Vice President PCJCCI and Salahuddin Hanif, Secretary General PCJCCI thanked the participants and said that we hope such innovative and informative sessions will definitely help the young entrepreneurs and business community to get their venture registered under SECP.

Copyright Business Recorder, 2024