No filing requirement under Section 452 of Companies Act, in case of nil report

ISLAMABAD: In order to facilitate the corporate sector and streamline the filing of specified forms under Section 452 of the Companies Act, 2017, the SECP has withdrawn the filing requirement of Forms 31 and 32 on the companies in case of a nil report.

The SECP has vide its circular No 21 of 2018, and made amendment to its previously issued circulars and para 4 of circular No 19/2017 dated August 11, 2017, and para 5 of circular No 32/2017 dated December 4, 2017, have been deleted. Now there is no requirement to file specified forms in case of a nil report, said in statement issued by SECP here on Wednesday.

Under section 452 (Companies' Global Register of Beneficial Ownership) of the Companies Act, every substantial shareholder or officer of a company incorporated under the Company law, who is a citizen of Pakistan within the meaning of the Citizenship Act including dual citizenship holder whether residing in Pakistan or not having shareholding in a foreign company or body corporate shall report to the company his shareholding on a specified form within thirty days of holding such position or interest.