June 11, 2008

 

 

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) is mulling to relax some conditions on holding of annual general meeting (AGM) rules and provide extension up to three months in this regard.

Executive director (registration) SECP, Nazir Ahmed Shaheen at a seminar organised by Income Tax Bar Association (ITBA), said the issue was raised as schedules of most of the companies’ AGM were coincided with the filing dates of annual returns to the Federal Board of Revenue (FBR) in September every year, troubling companies to manage all things in a short period.

Earlier the time limit was six months after closing of accounts on June 30, but later it was reduced to four months and now it further shrunk to three months.

Shaheen said the SECP had discussed with FBR to increase the limit of companies’ paid up capital to the authority because 85 percent the SECP’s registered companies are small. staff report

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