RegAlert2024-09-30
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.
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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the September, 25, 2024 NOTIFICATION S.R.O.1516 (I)/2024; In exercise of the powers conferred under section 512 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan hereby make the following amendments to regulation 50 of the Companies Regulations, 2024, the same having been previously published in the official Gazette vide notification S.R.O. 409 (I)/2024 on 13th March 2024, namely: - AMENDMENTS In the aforesaid Regulations, in regulation 50, for sub-regulation (2), the following shall be substituted, namely: - “(2) The company shall file a return with the registrar as per Form-9 required under sub-section (3) of section 197 of the Act:
Provided that:
(a) in case of appointment or election of a director, or appointment of a chief executive, or resignation or retirement of a director or chief executive, as the case may be, the specified return shall be filed by the company through eZfile only which shall contain digital verification from the incoming or outgoing director or chief executive:
Provided that in case digital verification from outgoing director or chief executive is not received within five days, the company shall report impediment through eZfile to the registrar and the registrar on receipt of such impediment may allow the company, to file the specified return, after due diligence, as deemed appropriate:
Provided further that the aforesaid digital verification shall not be applicable upon cessation of nominee directors or Chief Executive and the company shall attach a notification or Board resolution, whichever is relevant, from the nominating body along-with specified return:
Provided also that the existing directors or chief executive officers of the companies who are currently not registered with the Commission through eZfile, shall get themselves registered within three months from the date of notification or earlier before their resignation or retirement; (b) in case of removal of,- (i) a director under section 163 of the Act, the specified return shall be filed by the company through eZfile only accompanied by a copy of minutes of general meeting in which resolution for removal of the director was passed containing, inter alia, the following information, namely: -
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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.