SECP extends date to Sept 30 for providing information of shareholders having interest in foreign companies

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has extended the deadline to September 30, 2017 for companies for providing information of shareholders having interest in foreign companies.
In a circular issued on Friday, the commission said that provision of Section 452 of Companies Act, 2017 provides that every company incorporated under the company law is required to report to the registrar the information relating to every substantial shareholder or officer of the company who have shareholding or any other interest in a foreign company on the specified form.
The commission through notification issued on June 21, 2017 specified the form for reporting of the information in term of the provision of Section 452 of the Act.
The Section 452 of the Act says: “Every substantial shareholder or officer of a company incorporated under the Company law, who is citizen of Pakistan within the meaning of the Citizenship Act, 1951 (II of 1951), including dual citizenship holder whether residing in Pakistan or not having shareholding in a foreign company or body corporate shall report to the company his shareholding or any other interest as may be notified by the Commission, on a specified form within thirty days of holding such position or interest.”
The SECP said that presently, the companies are facing difficulty to comply with the provisions of Section 452 of the Act within timeframe specified in the Act and above referred notification and have approached the commission for grant of some time to collect information for compliance with the provisions of the Section.
In order to facilitate the companies, the SECP has decided to grant extension in time period for submission of information required till September 30, 2017.
The commission further clarified that all the companies shall file return along with fee prescribed in the Seventh Schedule of the Act to the registrar even in case of nil report.

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