ISLAMABAD, March 10: The Securities and Exchange Commission of Pakistan (SECP) announced here on Wednesday the re launching of the Companies Easy Exit Scheme (CEES) to provide another opportunity to dormant companies to get themselves de-registered.

The decision had been taken in view of the feedback received from the corporate sector regarding the results of the CEES obtained from its initial re launching in 2002, it was explained by the SECP in a press release.

Slated to end on June 30, 2004, the CEES facility will be available to the dormant private limited companies, non-listed public companies and companies limited by guarantee which have no business operations, assets or liabilities.

Explaining the procedure for utilizing the opportunity thus afforded, the commission said the applications should be supported by a resolution passed by the Board of Directors or a resolution passed by the shareholders of the company and an affidavit administered before the Oath Commissioner confirming the position stated therein.

It would also affirm that the company has no liabilities outstanding in relation to any loans obtained from banks or financial institutions, taxes, utility charges or any obligations towards government departments or private parties.

The declaration shall be furnished by a director, preferably chief executive of the company. The company shall also produce a certificate from a practising Chartered Accountant or a practising Cost and Management Accountant which shall confirm the position of its liabilities, if any.

A fee of Rs5,000 will be charged from a private limited company and Rs7,500 from a non-listed public company or a company by guarantee. The Regional Registrar shall initially publish the notices in the official gazette inviting objections on the application and for public information. The detailed requirements of the CEES have been issued video circular No. 14 of 2004 and are placed on the SECP website.