ISLAMABAD, May 27: The Securities & Exchange Commission of Pakistan (SECP) here on Monday notified certain significant changes in the forms of the statutory returns which are required to be filed by the companies under the Companies Ordinance, 1984.

The proposed amendments with revised forms have been published in the official gazette and also placed on the SEC’s website (www.secp.gov.pk) to allow the companies, corporate practitioners and interested persons to furnish suggestions and comments to the SECP.

The new forms, an official source told Dawn, have been designed keeping in view the convenience of the companies as well as the requirements of automation.

The objective behind re-formatting the returns was to make the database manageable both at the time of data entry and retrieval, he said.

The new forms, according to him, would also be easier to fill. These require the companies to send the returns to the Commission and the Company Registration Offices (CRO), duly signed by the chief executive or the company secretary.

In this connection, the Commission has effected a number of amendments to the Companies (General Provisions and Forms) Rules, 1985, as follows:

* Documents to be furnished with applications for alteration in memorandum have been rationalised so that delay in the SECP approval can be eliminated as far as possible.

The companies would furnish particulars of creditors to whom an amount exceeding

fifty thousand rupees is due and would also intimate whether the creditor has signified his consent to alteration. Particulars of the persons likely to be affected would also be communicated along with their consent for alteration and a copy of the latest audited accounts.

* Policy guidelines for registration of companies limited by guarantee under Section 43 of the Companies Ordinance, 1984, have been provided which would eliminate the ambiguity regarding registration of companies limited by guarantee. Now the promoters of a company desirous of registration under Section 43 shall send to the registrar, in addition to other documents, an estimate for the next three years of annual income and expenditure, specifying the sources of income and objects of expenditure, indicate the remuneration that would be payable to its chief executive, directors, chief accountant and legal adviser and the company will be formed as a public company.

* The proposed rules permit the SECP-approved courier service for service of notices/documents by a company.

* It has been provided that fee paid under Section 471 read with Sixth Schedule of the Companies Ordinance, 1984, as the maximum limits of fees to be paid to or charged by companies and liquidators from members, creditors or other persons for supply of copies of documents, inspection of records and other services as are required to be provided under this Ordinance, shall not be refundable unless the Commission is satisfied on the basis of evidence before it that it would be equitable to make refund in full or part, as may be determined by the Commission in each case.