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Golden Opportunity for the Companies to clear their backlog cases

Islamabad, May 06, 2013 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP), as a part of its eServices policy has introduced a mechanism for the companies to clear their backlog cases pending under ISSUE RESOLUTION. Cases pending under “Issue Resolution” category have been increasing day by day and currently, approximately 13,000 documents of companies are pending.

In order to bring it to zero, a strategy has been devised, wherein companies would be given the opportunity to deal with overdue cases. SECP has also made it mandatory that all listed companies file their documents, returns, accounts and applications, with the SECP, or the Registrar, through SECP’s eServices online facility.

Filing in eServices is done in a consequential manner. It should be noted that Companies will not be able to file additional documents online, unless preceding documents (i.e. documents already submitted) which were in “issue resolution” status have been resolved and recorded.

To deal with the backlog of pending documents and achieve the objective of mandatory online filing, registrars concerned shall review all the issue resolution cases and ignore minor observations and record the documents accordingly; this will allow the concerned companies to continue filing their documents online.

However, in case of major observations, the matter will be taken up with the concerned companies to remove the deficiencies from their respective filings. In case no response is received from the companies, the documents will be refused by the concerned registrar and would be considered, as if they had not been filed by the companies, subjecting the companies and their management to prosecution. The companies are advised in their own interest to clear their backlog and remove deficiencies in their filed documents and statutory returns.

TV Tickers:

1. SECP has provided a golden opportunity for companies to clear their pending cases under “Issue Resolution”

2. Minor observations will be resolved and documents will be recorded by the registrar concerned, immediately.

3. Major discrepancies, if not corrected, will result in rejection of the documents, and prosecution.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254

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