Regulatory Alerts2024-09-30
Added · Updated
S.R.O.1516 (I) of 2024 – Amendments in Regulation 50 of the Companies Regulations, 2024
The Securities and Exchange Commission of Pakistan amends Regulation 50 of the Companies Regulations, 2024, to mandate that companies file returns regarding the appointment, removal, or cessation of directors and chief executives exclusively through the eZfile online portal. The updated rules require digital verification from incoming or outgoing officials, with a five-day window for reporting impediments if verification is not received, and impose a three-month deadline for existing unregistered directors and CEOs to register on the platform. Specific documentation requirements are established for various scenarios, including minutes of general meetings for removals under Sections 163 and 190, board resolutions for nominee director cessations, and death certificates for deceased officers. Additionally, the Registrar is authorized to permit physical filings for special reasons and must notify relevant parties of induction or cessation events upon acceptance of the return.