March 14, 2002	Thursday	Zilhaj 29, 1422

ISLAMABAD, March 13: The Securities & Exchange Commission of Pakistan (SECP) here on Wednesday announced certain concessions to all non-listed public and private limited companies if they filed returns under the Companies Ordinance 1984, by March 31, 2002, according to an official source.

In this connection, the commission has devised a “companies regularization scheme” under which a company, which has not filed its return so far, may do so by the due date on payment of normal fee plus one time additional fee equivalent to normal fee (i.e. Rs200 plus Rs200= Rs400 per return instead of Rs800 per return).

No show-cause notice would be issued, nor any penal proceedings would be launched under Section 476 of the Companies Ordinance 1984, on the returns filed late, the spokesman further stated.

The scheme is applicable to the companies which defaulted on submission of returns by December 31, 2000.

While urging the defaulting companies to avail themselves of the opportunity provided through the regularization scheme to save themselves from punishment as prescribed in the law, the Securities & Exchange Commission of Pakistan warned that it would take necessary legal action against the directors and chief executives of the companies that might fail to file their returns by the prescribed date.