May 17, 2002	Friday	Rabi-ul-Awwal 4, 1423

LAHORE, May 16: Some 900 companies from the two previous Lahore and Gujranwala divisions have so far applied for delisting under the Companies Easy Exit Scheme (CEES) announced by the Securities & Exchange Commission of Pakistan (SECP).

The scheme was unveiled by the SECP on April 1 for one month to facilitate the companies which neither have any assets nor any liabilities nor are carrying on any business to get their names struck off the register of companies. However, the time allowed to such companies under the scheme was extended for 15 days until May 15 due to response and demand of the corporate sector.

According to SECP officials, the majority of companies that had applied for delisting were small ones.

According to the procedure laid down for availing of the scheme, the companies concerned were required to furnish their application along with a declaration duly verified by an affidavit administered before the Oath Commissioner who would declare that the applicant company was not carrying on any business or operation and that it has no liabilities outstanding in relation to any loans obtained from banks/financial institutions, taxes, utility charges or any obligations towards government departments or private parties.

Such a company is also required to furnish a certificate from the company’s auditors accordingly. In case there are no qualified auditors, a certificate from any practising chartered accountant/cost-and-management accountant would be acceptable.